The country's largest mortgage originator tapped an insider to be its new president.
Countrywide Financial Corp. announced today that it appointed David Sambol as president and chief operating officer. He replaces Stanford L. Kurland, who after 28 years of service will leave the company.
In his new position, Sambol will be responsible for leading all Countrywide operations, the Calabasas, Calif.-based company said.
The 21-year executive most recently served as executive managing director of business segment operations where he led all revenue-generating functions and held the posts of president and COO at Countrywide Home Loans, according to the announcement.
Since assuming oversight of the home loan division in late 2000, the company's mortgage market share grew from 6% to more than 15% at the end of 2005 -- the largest market share growth amongst mortgage bankers, Countrywide said.
"Dave Sambol is an extremely talented operations executive and entrepreneur, and he has been one of the driving forces behind the company's extraordinary growth during the past five years," said Chairman and Chief Executive Angelo R. Mozilo in the written statement. "He possesses the unique combination of business building, operations, and risk management skills to lead Countrywide's day-to-day operations and carry it through the challenges and opportunities of both the current and future business environments."
The new president will oversee a mortgage banking operation that originated nearly a half trillion dollars in residential mortgages last year -- more than any other U.S. lender.