Rate is promoting the defection of over a dozen loan officers from New American Funding, who bring "nine figures" in production volume from the rival over to the Chicago lender, the company said.
The lending giant announced 14 new LOs coming from the retail competitor, including some originators who previously worked at Rate. Company
"When experienced producers look closely at what Rate offers, including those who have been here before, the decision speaks for itself," he said in a statement.
A spokesperson for the company didn't respond to a question regarding the LOs' specific production volume.
Many of the originators left
A spokesperson for New American Funding confirmed to National Mortgage News Friday that 12 of the named LOs had departed the company, and one of the named individuals left in 2022. Another purported new Rate LO, which NAF didn't specify, remains actively employed at NAF.
"We would like to highlight that in 2026, New American Funding has recruited 375 loan officers representing $3.5 billion in new production, and we currently rank second in the country for net hires this year," the spokesperson said, emphasizing NAF's own technology and culture.
Rate is one of the industry's largest lenders, with over $29 billion in origination volume in 2025, according to Home Mortgage Disclosure Act data provided by the Federal Financial Institutions Examination Council. New American Funding is also a major player, with $16 billion in volume last year.
The Chicago-based Rate has made several announcements in recent months regarding its addition of top producers. That includes Ryan Randle, a Denver-based LO the company said is a top 1% originator nationally, and Marty Preston, a profit and loss operator who was a
Rate gets into wellness, outdoors
The private company in the past two months has expanded its business beyond lending and into wellness and outdoor products. The company launched RateFit last month, with clothing founder and CEO Victor Ciardelli in a press release saying he wants to be similar to high-end retailers like Lululemon.
On Thursday the company also launched Rate Outdoors, which will offer home saunas, cold plunges, outdoor showers and other furnishings. In a press release, Ciardelli said the products are complimentary to its homeowner customers, and saunas would become a standard feature in new homes over the next five years.
"Rate has spent 26 years building trust getting people into their homes," said Stefanie Lucas, President of Rate Outdoors, in a statement. "Here, the focus is on what happens once you're there, giving people the products to build a daily wellness routine at home, without a gym membership or a commute."
