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Production Roles Dominate Mortgage Executive Appointments

Recent mortgage executive moves

Jan. 9, 2012

By SAM GARCIA Mortgage Daily


portrait of Sam Garcia

Although there is plenty of recruiting happening for executives in senior management roles, mortgage servicing and commercial real estate lending -- much of the recent activity has been concentrated in production. Other busy areas for executive recruiters are correspondent lending and branch recruiting.

In his new role as U.S. Bancorp's vice chairman of consumer banking sales and support, Kent Stone will report directly to the chairman and chief executive officer and oversee residential mortgage lending and all consumer lending activities. He'll lead overall consumer and small business strategy and product management functions and join the company's 15-member managing committee. Stone replaces Richard Hartnack, who retires on March 1.

Stone, who joined the Minneapolis-based bank in 1980, is being promoted from executive vice president, consumer banking.

The new president of United Shore Financial Services LLC is Mat Ishbia, the Birmingham, Mich.-based firm said Monday. Ishbia was already president of subsidiary United Wholesale Mortgage, which generated $1.8 billion of United Shore's $2.0 billion in third-quarter production.

Ishbia was responsible for building United Wholesale "into a top-10 wholesale lender and the fastest-growing company in its space," United Shore Chief Executive Officer Kip Kirkpatrick said in the statement. Fourth-quarter mortgage production of around $3.2 billion from all channels brought full-year 2012 originations to $7.2 billion -- "its best year since its founding in 1985."

United Shore, which reports hiring more than 500 people during the past year, said it also recently hired Tim Forrester as chief financial officer and Kirstin Hammond as executive vice president-capital markets.

Ross J. Kari, has informed Freddie Mac that he intends to retire as CFO following his 55th birthday in the second half of this year. Kari plans to stay on board until a successor is appointed and a smooth transition has taken place.

Former Fannie Mae president and CEO Michael J. Williams has been appointed chairman of the board at Prospect Mortgage LLC. Williams' prior employers include KPMG Peat Marwick and the DuPont Co.

Robert C. Ryan, who served as acting Federal Housing Commissioner in the Obama administration, has joined the capital markets group at Wells Fargo Home Mortgage, according to published reports. Ryan also served as FHA's chief risk officer.

Another Wells Fargo & Co. unit, Wells Fargo Securities, announced in December that Greg Reiter joined the business as managing director and head of residential mortgage research. He'll lead the residential mortgage-backed securities research team in developing strategy, publishing research and generating investment ideas for institutional investors. His quarter century of experience most recently includes a stint at Freddie Mac.

James Hecht has been hired by Stearns Lending Inc. as its executive vice president-strategic development, according to a Jan. 2 statement. Hecht's prior employers include Nationstar Mortgage, MetLife Home Loans and Countrywide Home Loans. The 20-year mortgage veteran will be responsible for leading and growing multiple production channels including consumer direct, builder and credit union partners. Hecht, who will be based in Dallas, will also oversee Stearns' marketing and recruitment teams.

Last month, Stearns said it hired Uday Devalla as its chief information officer. The Santa Ana, Calif.-based firm said it recruited the executive from Bank of America. Devalla has 17 years' mortgage banking technology experience.

The new senior vice president of capital markets at GMH Mortgage Services LLC is Bill Bogle, a recent announcement from the Newtown Square, Pa.-based company indicated. His 15 years' experience most recently includes a position in secondary marketing at New Penn Financial.

Carrington Investment Services LLC announced last month that Christopher Whalen will head its investment banking operations as executive vice president, managing director. Whalen will concentrate on fundraising as well as developing and marketing new products for Carrington's various business units.

Nick Simulia is now the senior vice president in charge of marketing and corporate communications at Stonegate Mortgage Corp., a recent announcement indicated.

In his new role as senior vice president of loan acquisition at Stonegate, Rob Wilson will be responsible for managing the loan production process for the retail and wholesale channels. He'll oversee file intake, client support desk, underwriting and closing for three regional operating centers. Wilson was recruited from Freedom Mortgage Corp.

In Columbus, Ohio, Residential Finance Corp. announced Tuesday that Nicholas G. Hahn has been named CFO of the lender. Hahn's three decades in financial services includes CFO roles at Countrywide Financial Corp., DeepGreen Financial Inc. and Senior Lending Network.

A Jan. 3 news release from RFC indicated that Joe Buxton was promoted to vice president of sales. Buxton will oversee and manage local branch managers and develop sales strategies. Buxton was originally hired by RFC in 2006 as a loan originator and won the company's president's club award for excellence in sales managers each of the last three years.

A month earlier, RFC said that Jonathan Fowler was hired as division vice president of business development for retail branching. Fowler will recruit and mentor branches nationally. He most recently worked in branch recruitment at America's Choice Home Loans and spent a decade at Allied Home Mortgage Capital Corp. before that.

Gesa Credit Union said Tuesday that Randy Wacker was promoted to vice president-mortgage lending. Wacker was promoted from an assistant vice president position at the Richland, Wash.-based financial institution. He is credited with increasing mortgage originations to a point where the financial institution now holds the second largest market share in the region.

Joel Rose was hired as vice president of eastern division retail sales at GMH Mortgage Services LLC, a Dec. 6 statement said. Rose's more than two decades in the mortgage business was most recently spent at GMAC in charge of North Carolina branch expansion. He also worked at SunTrust Mortgage.

As the new senior vice president-national sales manager at Supreme Lending, Brian Mitchell will be responsible for developing new loan production and adding new branches across the country for the Dallas-based lender. Mitchell's two decades in the mortgage business most recently includes a job a Envoy Mortgage, while he worked at National City Mortgage prior to that.

At the core of a new division launched in November by Hammerhouse LLC is a focus "on the placement of experienced Mortgage Banking operational and other non-sales professionals throughout the U.S." The new unit is operated from Mission Viejo, Calif.

Mike Casey was hired by Impac Mortgage as vice president-western regional sales manager in the correspondent lending division. Among the 24-year mortgage veteran's previous employers is PHH Mortgage, where he was a vice president-divisional sales. The Irvine, Calif.-based firm is using the correspondent channel to target community and regional banks, credit unions and smaller mortgage bankers.

In addition, Impac named Matthew Dismore as Casey's counterpart for the central region. Dinsmore's two decades in correspondent lending and fraud solution management includes time at Aurora Loan Services.

A new conduit platform is expected to be launched by Real Estate Mortgage Network in the first quarter. Dubbed HomeBridge, the correspondent lender has hired several sales executives including Jim Loving, Diane Keane, Patricia Hamilton, Jennifer Salsbury-Caldwell, Michelle Dawson, Stuart Blend and Bill Bevan. HomeBridge is headed by Managing Director Bela M. Donine.

The new chief risk officer at Vericrest Financial Inc. is Ben Purser, according to a news release Tuesday. His new responsibilities include risk management while he'll focus on operational risk practices and compliance with all state and federal agency requirements. The Irving, Texas-based servicer said that Purser's 26 years in financial services includes time as chief compliance officer at the Department of the Treasury's Office of Financial Stability.

In the commercial mortgage sector, David Durning will succeed the David Twardock as president of Prudential Mortgage Capital Co, an announcement last month indicated. Twardock is retiring in April. Durning, who is being promoted from his role as senior managing director and head of originations, joined Prudential as an investment analyst in 1988. Before that, he was a lending officer at Chemical Bank and a corporate finance associate at Shearson Lehman.

The Atlanta office of Beech Street Capital LLC will now be managed by Charlie Mentzer as vice president of originations. His prior job was with Walker & Dunlop. Mentzer is "an experienced originator with extensive agency experience."

Another recent Beech Street appointment was made in the company's New York office, where Tyler Griffin was promoted to vice president of originations. Griffin, who "played a major role in the successful launch of our FHA platform," is recognized for her deep FHA product knowledge. Her prior employer was Metropolitan Funding Corp.

Prudential Mortgage Capital Co. said in November that Hal Collett was promoted to president of Prudential Asset Resources. Collett, who replaces Catherine Rodewald, will be responsible for the servicing and asset management operations on $69 billion in commercial real estate loan portfolios. Before joining the firm in 2002, Collett worked at ORIX Capital Markets, Bank One and Nomura.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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