Victor Ciardelli Appoints Shant Banosian as President of Rate Mortgage while Continuing as CEO and President of All Rate Companies
Chicago, IL—Victor Ciardelli proudly announces the appointment of Shant Banosian as President of Rate Mortgage. With Rate Mortgage being the last Rate company without a dedicated president—Banosian will partner with Ciardelli to help take Rate Mortgage to the next level of innovation and excellence in the industry. Ciardelli will continue to work closely with the Presidents of all 15 Rate Companies, reinforcing Rate’s status as one of the nation’s top mortgage lenders and a pioneer in fintech and holistic financial wellness.
Welcomed Partnership & Help
As CEO and President of Rate Companies, Ciardelli is known for industry innovation and transformation, starting with the release of the first Digital Mortgage, most recently the Same Day Mortgage, and many other industry transformations. Ciardelli is a student of using technology and streamlining business operations to provide better products, service, and pricing to the consumer.
The 15 Presidents, who oversee 10 mortgage companies, two AI technology companies, a title company, an insurance company, and the personal lending group, will continue to report to and work directly with Ciardelli as he partners with Banosian to elevate Rate Mortgage into the premier mortgage company in the industry.
Ciardelli described Banosian’s appointment as a pivotal moment for the company, “There is no one in the industry that I would rather partner with than Shant. 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.”
Ciardelli added, “At Rate, we never stand still and are never satisfied. Our mission is to push boundaries, relentlessly innovate, and empower our customers, loan officers, and referral partners with the best technology and platform in the industry. With Shant joining me in top leadership, we’re doubling down on our vision to make homeownership more cost-effective, faster, smarter, and more accessible than ever.”
A Proven Leader in the Mortgage Industry
Over the past two decades, Banosian has funded over $10 billion in total loan volume and secured his place as the top loan officer in the U.S. over the past six consecutive years. In 2024, Banosian funded over $1B in volume as the #1 loan officer in the country. Ciardelli describes Banosian as “the Best of the Best in the industry.” He continues, “There is not a better loan professional on the planet to lead Rate Mortgage to its next level of dominance. 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.”
Banosian, who has closed over 40,000 loans, firmly believes in education-based lending, customer-first service, and intelligent business scaling. As President of Rate Mortgage, his focus will be on driving innovation, enhancing operational efficiency, and fostering an environment he describes as a "Loan Officer’s Paradise"—a place where professionals have everything they need to thrive and best serve their customers in a rapidly evolving market; a place where a loan officer can easily double and triple their business while better serving their customers; a place that optimally serves our aspiring and existing homeowners, Realtors, and business partners.
Banosian has built a record-breaking career focusing on strategic growth, operational efficiency, and exceptional customer service. His ability to adapt to market shifts, leverage technology, and lead high performing teams has made him one of the most respected figures in the mortgage industry. “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,” said Banosian. “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.”
A Passion for Giving Back
Beyond his professional success, Banosian is deeply committed to philanthropy and community impact. He actively supports a range of charitable organizations, including:
- The Rate Foundation: Providing financial assistance to individuals and families facing unexpected hardships—a cause Banosian has personally supported since the foundation’s inception.
- St. Jude Children’s Research Hospital: Supporting the fight against childhood cancer and other life-threatening diseases, with over $500,000 raised through team efforts.
- The Greater Boston Food Bank: Working to end hunger and provide healthy meals for families in need.
- Soles4Souls: Turning unwanted shoes and clothing into opportunities for people in need worldwide.
“Giving back is not just a responsibility, but an important core value of Victor and the company culture,” Banosian said. “It is a privilege to give back, and it is a core part of who we are at Rate.”
About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire's Tech100 award for the company's industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine's Lender of the Year for seven consecutive years; and Chicago Tribune's Top Workplaces list for seven straight years. Visit rate.com for more information.