Shant Banosian has been selected to lead Rate Mortgage as its new president, the company announced Wednesday.
Rate Mortgage is one of 15 organizations that make up Rate Companies, led by CEO and President Victor Ciardelli.
Banosian is one of 15 presidents overseeing 10 mortgage companies, two AI technology companies, a title company, an insurance company and a personal lending group. All work directly with Ciardelli.
“There is no one in the industry that I would rather partner with than Shant,” Ciardelli said in a news release. “He is a transformative leader whose relentless drive, strategic mindset and commitment to excellence have set a new standard in the mortgage industry. He embodies the best of Rate’s culture and values, and we are partnering to take Rate Mortgage to the next level. His expertise and vision will inspire the Rate team and the entire industry.”
Based in the Boston area, Banosian has funded over $10 billion in total loan volume over the last two decades. Last year, Banosian funded over $1 billion in volume. He also was voted Boston Agent magazine’s Loan Officer of the Year.
Ciardelli describes Banosian as “the best of the best in the industry.”
“There is not a better loan professional on the planet to lead Rate Mortgage to its next level of dominance,” Ciardelli said. “He is a leader and a teacher all in one and will build the best team of loan officers in the industry. Elevating Shant Banosian as president of Rate Mortgage is a natural progression of our shared ambition and complementary strengths, positioning Rate for accelerated growth and reinforcing its industry leadership.”
As president of Rate Mortgage, Banosian aims to drive innovation, enhance operational efficiency and foster an environment he describes as a “loan officer’s paradise.”
“The mortgage industry is evolving fast, and I am excited to build on Victor Ciardelli’s amazing vision and lead Rate Mortgage into the future,” Banosian said. “We are committed to empowering customers, real estate professionals and loan officers with the ultimate tools, education, and service available, ensuring that every interaction exceeds expectations.”
Giving back is also important to Banosian. He has donated his time and resources to The Rate Foundation, St. Jude Children’s Research Hospital, the Greater Boston Food Bank and Soles4Souls.
“It is a privilege to give back, and it is a core part of who we are at Rate,” Banosian said.