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Allied Appoints Compliance Exec

Jeanne Stell named compliance manager

July 12, 2010

By MortgageDaily.com staff


On the heals of a scathing news story about alleged questionable practices, Allied Home Mortgage Capital Corp. -- which claims to be the country's biggest mortgage broker -- has hired a mortgage compliance manager.

ProPublica wrote an article about an examination it did of Allied. The story was published by USA Today earlier this month.

ProPublica -- founded in 2007 through funding from Herbert and Marion Sandler who had the year before sold option-ARM giant Goldenwest Financial Corp. to Wachovia Corp. in a deal estimated at $25 billion -- claims that its examination uncovered dozens of alleged unsavory incidences that borrowers had with various branches.

"The firm has left behind a trail of alleged misconduct and piecemeal government sanctions spanning at least 18 states and seven years," the ProPublica journalists wrote. "Allied's history shows how even repeat offenders can fall through gaps in the fragmented safety net meant to protect mortgage borrowers."

In an apparent public relations response, the Houston-based firm announced that it has appointed a compliance manager.

Jeanne L. Stell will oversee day-to-day operations of the more than 200 branches operated by Allied, the company said in a press release Monday.

Allied, which claims to be "the nation's largest privately held mortgage banker and broker," said Stell has come on board in a consultant capacity to ensure branches meet state and federal compliance and licensing standards as well as the company's own policies and procedures.

"Stell is very familiar with these duties, having served as executive vice president of compliance for Allied Home Mortgage from February 1998 through November 2007," the statement said.

Among her accreditations are direct endorsement certification, VA Lapp and credit underwriting, and continuing education mortgage trainer certification, Allied said. She has also been recognized as a mortgage banking expert witness.

In the news release, Allied Chief Executive Officer Jim Hodge acknowledged the importance of keeping branch managers up-to-date on rapidly changing regulations, licensing and procedure.

"Jeanne is a consummate professional," Hodge proclaimed. "I don't know anyone with a better grasp of mortgage lending."

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