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Introducing a New Era: Shant Banosian Takes the Helm at Rate Mortgage
In a notable shift within the mortgage industry, Guaranteed Rate Inc. has appointed Shant Banosian, a standout figure recognized as the country’s top loan originator, as president of its retail mortgage division. This change comes at a challenging time when the company’s joint ventures with real estate powerhouses such as Compass and Anywhere Real Estate seek new paths to profitability.
A Leader with Proven Success
Banosian steps into his new role amid a reshaping mortgage landscape, following a period where mortgage rates soared to nearly 7%. In 2023, many potential homebuyers found themselves sidelined, resulting in the slowest existing-home sales year since 1995. Bringing over 20 years of experience and more than $10 billion in funded mortgages under his belt, he is expected to stimulate change and rejuvenate Rate’s retail operations.
Understanding the Challenges Facing the Industry
The road ahead is not devoid of obstacles. Rate’s joint ventures, especially Guaranteed Rate Affinity with Anywhere Real Estate, did not meet profit expectations last year, generating only $2 million in equity earnings. Banosian aims to leverage his insights, having closed over $1 billion in loans in 2024 alone, to expand the company’s reach and support its loan officers amid rising cost challenges tied to affordability and inventory shortages.
Embracing Change and Innovation
As the mortgage space continues to evolve, Banosian expressed enthusiasm for adopting new technologies to enhance service delivery. The company’s tools, like Same-Day Mortgage, are critical in providing loan originators (LOs) the necessary edge to navigate the current market conditions successfully. His focus on technology not only improves customer experience but also empowers LOs, allowing them to serve clients during critical moments.
Building Community Within the Company
While achieving profitability is vital, Banosian emphasizes the importance of employee satisfaction and support. He believes that the success of the retail mortgage division will be gauged by how empowered the loan originators feel in their work environment. His objective is to foster a culture that prioritizes training and development, helping LOs not just grow their businesses, but also their lives. "Success in work and personal satisfaction should go hand in hand," Banosian shared, highlighting the need for balance.
A Vision for the Future
In discussing the future, Banosian referenced a potential housing market rebirth, where increasing inventory and decreasing rates could create unprecedented opportunities. His optimistic approach is not just about hope; it’s a strategy to attract talent and partners ready to innovate in a challenging market.
Conclusion: A Strategic Move for Rate Mortgage
With Shant Banosian at the helm, Rate Mortgage braces for an exciting yet challenging journey ahead. As the industry adapts to new trends and demands, Banosian’s leadership could set the groundwork for success, both for his team and for the company’s position in the mortgage landscape.
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