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Mortgage Firms Hire New Leaders

Recent mortgage executive activity

May 10, 2010

By SAM GARCIA


Senior managers have recently been hired by some big and growing names in mortgage lending. Among them is a big commercial mortgage firm, a servicing operation and Wells Fargo & Co. -- which is beefing up its residential mortgage-backed securities team. Still, several smaller players have also been busy recruiting new leaders.

The new senior vice president of real estate sales at PHH Mortgage Corp. is Bruce Van Fleet, the Mount Laurel, N.J.-based lender said in a statement last month. He'll report to PHH Mortgage Executive Vice President of Sales Mike Dirrane and be responsible for sales development in the company's real estate channel.

Van Fleet's more than 30 years' mortgage sales experience includes positions at Triad Guaranty, Radian Guaranty and Strategic Mortgage Services.

Steve Bailey was hired as chief servicing officer of Private National Mortgage Acceptance Company LLC, according to a news release. Bailey, a 20-year mortgage servicing veteran, has responsibility for servicing activities at PennyMac Loan Services LLC.

He previously worked at Bank of America Corp., parent to Countrywide Home Loans -- where PennyMac founder Stanford L. Kurland previously worked as chief financial officer and chief operating officer. At BoA, Bailey "managed an operation with more than 15,000 employees."

In an April 29 announcement, Wells Fargo Securities said Mike Buttner was appointed head of RMBS. He reports to both Tim Mullins, head of fixed income trading, and Julie Caperton, head of asset-backed finance and securitization. The 19-year employee most recently managed hedging activities for servicing rights, pipeline assets and warehouse assets at Wells Fargo Home Mortgage.

Wells also named Doug Lucas as head of residential mortgage trading. He has more than 20 years of experience managing residential risk -- most recently as head structured products trading in London for Bear Stearns.

In addition, Dash Robinson is now head of residential mortgage finance structuring & lending at Wells. The executive previously worked within the company's structured finance transactions business.

The new president and chief executive officer of State Financial Network Inc. is 23-year employee Michael B. Magnavita, a May 5 news release said. Magnavita is a certified public account and previously worked for Arthur Young.

State Financial provides mortgage services for 17 credit unions and services more than $500 million in Fannie Mae and Freddie Mac mortgages. The Broomall, Pa.-based credit union service organization is a wholly owned subsidiary of Franklin Mint Federal Credit Union.

After a two-year hiatus, Moshe Majeski has returned to Meridian Capital Group LLC as a managing director. The New York-based commercial mortgage broker said in a May 4 statement that Majeski has negotiated more than $3 billion in transactions during the past 10 years. He worked at Meridian until 2008, when he left to launch an investment sales business.

photo of Michael Magnavita
Franklin Mint photo of Mike Magnavita

photo of Marty Lanigan
Meridian photo of Marty Lanigan

Last month, Meridian announced that Marty Lanigan was hired as senior managing director of origination and strategic initiatives. Lanigan will report to Meridian President and CEO Ralph Herzka and oversee a national expansion of products and production as well as the strategic implementation of new initiatives. He founded Mezz Cap and developed it "into the dominant mid-market commercial mezzanine lender." He also launched conduit lending programs while he worked at both Prudential Mortgage Capital Co. and GMAC Commercial Mortgage Capital.

Phil Deol has joined Paramount Residential Mortgage Group as chief strategy officer, the Corona, Calif.-based company said last week. The 30-year mortgage executive reportedly held positions at Countrywide, North American Mortgage and Wells Fargo. Paramount launched in 2001, operates 16 branches and employs 300 people.

Melodi Mathews will manage a new mortgage origination unit at St. George, Utah-based Town & Country Bank, the Main Street Business Journal reported last month.

photo of Melodi Mathews
Town & Country photo of Melodi Mathews


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

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Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


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