Residential Magazine

Featured Top Originator: Shant Banosian, Guaranteed Rate

No. 1 Top Dollar Volume, No. 1 Most Loans Closed

By Hannah Darden

Shant Banosian is no stranger to being near the peak of Scotsman Guide’s Top Originators rankings. He’s been in the top five on the publication’s Top Dollar Volume list for eight years running, and this year marks his third time in first place. Banosian and his team originated more than $925 million in a challenging market in 2022. He’s at the top of his game and the top of his market — and all markets, for that matter, since he expanded his licensing to originate in all 50 states.

The question is, what comes next for one of the most recognizable names in mortgages? Banosian thinks “megaproducers” like himself and others in the top 10 will continue to grow, so this year he’s pushing to increase his market share across the country.

“If there’s ever a year where we should be totally dialed in, it’s this year, so I can’t really worry about what’s going to happen in 2024 or 2025.”

“I realized quickly that I can do just as great a job for my clients and partners in any other state, not just Massachusetts,” Banosian said. “Doing business anywhere in the country is simple if you execute it the right way and communicate the right way.”

This execution means using technology and other tools to make the mortgage experience easier for everyone, which in turn increases his loan capacity. As for communication, Banosian said clients and industry partners “can sniff out a million miles away if you’re not an expert in that market.”

“Every state has its own intricacies, its own verbiage, its own way business is done,” he said. “It’s not just a matter of getting licensed; it’s being able to talk the talk and know how each state does things. It’s very important not to sound like an outsider.”

His other goal for 2023 is to reduce turn times and close every single loan in 10 days. “I look at a mortgage like this: You can get a credit card in a few seconds, you can get a car loan in a day, a student loan in a day or two. But for some reason, the norm in our industry is that it takes 30 to 45 days to close a mortgage,” Banosian said.

“We closed loans faster than ever last year. We closed hundreds of loans in just 10, 12, 14 days. Our goal is to manufacture every single loan from start to finish in 10 days. I think it’s totally doable with the right experience, knowledge and technology that’s available today.”

As for the future beyond this year? Banosian chooses not to set many long-term goals. The market changes too quickly and he likes to keep his attention on the present. If there is one thing he’d love to do in the future, however, it’s developing relationships as a mentor. Many people helped his team in the past and he wants to pay it forward. While in this challenging market, however, he’s focused on the year ahead.

“Truthfully, I’m super laser focused. I think that’s been one of the reasons for my success,” Banosian said. “One of the secrets for how I’m able to remake myself every year is that I don’t get too hung up about what is down the line three, five, 10 years from now. Every market is shifting, every market has got its challenges, and every single market requires something a little bit different of me and my team.

“I try to take it one year at a time and I think that’s more important than ever right now. … If there’s ever a year where we should be totally dialed in, it’s this year, so I can’t really worry about what’s going to happen in 2024 or 2025. I’m just laser focused on showing up for my team, my clients and my partners this year.” ●

Tips of the Trade

Use the challenging market as an opportunity to step up for your partners and clients. They need our advice, they need our guidance and they need all the value that we bring to the table more than ever. You can’t control inventory, interest rates or the economy, but you can control the actions you take every day, so focus on those. Take care of yourself physically, mentally, emotionally and spiritually to maintain a positive mindset.


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