Rate touts defection of 14 LOs from New American Funding

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 President Shant Banosian, in a press release, touted Rate's product depth, pricing and technology as reasons the LOs made their switch. 

"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 New American Funding for Rate in January and February, according to their self-reported employment histories in Nationwide Multistate Licensing System records. They have vice president of mortgage lending titles, and are based in markets across the country.

A spokesperson for New American Funding told National Mortgage News Thursday that the company would provide a response to Rate's announcement, but hadn't shared a comment by deadline. 

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 prolific manager at Benchmark Mortgage.

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."