Rate looks to scale consumer lending business with new hire

Retail mortgage lender Rate is welcoming a new president of consumer lending to help the company further expand beyond mortgage.

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Adam Boyd, a veteran financial services executive with more than 25 years of experience building and scaling consumer lending businesses, will head the growth of Rate’s consumer lending platform, the lender said in a press release Tuesday.

Boyd will also lead the extension of Rate’s consumer lending products and services past mortgage, creating a broader consumer lending ecosystem to better meet customer needs, it said.

“Adam is a proven operator and a builder,” said Victor Ciardelli, CEO of Rate, in the release. “He has successfully done this at scale, taking businesses and turning them into market leaders by focusing on the customer and leveraging technology to best serve the customer. Adam is a critical hire for us and will play a key role in building a broader platform that serves our customers across more of their financial lives.”

Most recently, Boyd served as head of consumer lending and head of home equity lending during his 13 years at Citizens Bank. He helped Citizens become one of the largest home equity originators in the United States and rebuilt its credit card platform, the release said.

Prior to his time at Citizens, Boyd worked in retail deposits at TD Bank and was a senior finance manager at Bank of America, according to his LinkedIn.

“I’m joining Rate at an important moment in time,” Boyd said in the release. “The company has already built a strong foundation in technology and execution, and there’s a real opportunity to expand beyond mortgage into a broader consumer lending platform. The industry is at an inflection point, and the companies that combine technology and data with a deep understanding of the customer will win.”

The appointment reflects Rate’s continued investment in building a more expansive financial and personal wellness platform, with a focus on providing a simpler, more connected and relevant experience throughout a customer’s financial journey, the release said.

In addition, Rate moved into auto lending last month, making car loans available within its app, allowing for borrowers to explore loan options before going to a dealer. The Chicago-based lender also announced it will consider cryptocurrency and stablecoins in underwriting through RateFi, a product that allows buyers to access loans without liquidating their digital assets, further expanding its offerings to meet consumer needs.

Rate added another industry veteran to a high-ranking position a few months ago, appointing Jason Stenger, former chief operations officer at Movement Mortgage, to chief production officer.