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Wholesalers Among Firms to Appoint Execs

Recent mortgage executive activity

Oct. 5, 2010

By SAM GARCIA


New executives have recently been appointed to oversee wholesale lending operations at two companies, while a mortgage servicer and two commercial real estate lenders disclosed management changes. Also making recent changes to management were a warehouse lender and a mortgage branch operation. Three of the latest appointments involved former executives of subprime mortgage companies.

Neil Kornswiet was recently appointed president of Pacific Mercantile Bank's mortgage division. Kornswiet's prior employers include People's Choice Home Loan Inc. and Aames Investment Corp.

Pacific Mercantile, a $1 billion institution, also announced the appointment of Theodore A. Ray to the position of executive vice president. Ray began in mortgage lending 14 years ago and previously worked with Kornswiet -- where he "successfully grew a retail mortgage operation from $2 million to $120 million per month in an 18-month period."

Wells Fargo & Co. hired former Morgan Stanley executive Kara McShane to lead distribution of commercial mortgage-backed securities as it expands in the sector, Bloomberg reported in August. Doug Mazer was hired to lead East Coast originations, Wayne Brandt was hired for West Coast originations and Jon Martin was recruited as head of large loans.

Peter Schwartz was promoted to EVP - wholesale operations at Nationstar Mortgage. He was promoted from the position of chief information officer, and he started with the Lewisville, Texas-based company in 2002 when it operated as Centex Home Equity.

Other lenders that have previously employed Schwartz include Ocwen, Morgan Stanley Credit Corp. and former subprime giant Associates First Capital Corp. -- where several Nationstar executives, including president and chief executive officer Anthony H. Barone, were previously employed.

At Freddie Mac, Subha V. Barry was named senior VP - chief diversity officer. Her new position gives her responsibility for helping the company be more diverse in utilizing employees and contractors. Barry previously had a similar job at Merrill Lynch & Co.

Wholesale lender Paramount Residential Mortgage Group said last month that Tricia Bailey was hired as corporate operations manager. The 25-year mortgage banking veteran's background includes retail lending, wholesale lending and mortgage insurance.

Bailey is the former president of Brooks America Mortgage where she oversaw a staff of 140 employees that was responsible for $2 billion in annual originations, according to Paramount.

West Coast multifamily mortgage originations at Beech Street Capital will be managed David Levine, another announcement Monday said. As EVP, Levine will recruit and manage a new team. He previously worked at PNC.

Meanwhile, Beech Street also said Monday that Chad Thomas Hagwood has been hired as an EVP to lead an expansion with the opening of offices in Alabama and Georgia -- where Hagwood already has an origination team. His team will originate multifamily, MHC and commercial loans on a national basis. Hagwood has reportedly originated $4 billion in commercial real estate transactions.

Hagwood previously worked at Berkadia Commercial Mortgage.

Specialized Loan Servicing LLC recently announced that it recruited Oscar Southall to be SVP of its default operations. The Littleton, Colo.-based servicer said Southall spent nearly a decade at Litton Loan Servicing before taking the new job.

In Waukesha, Wis., Inlanta Mortgage announced last week that Chris Knowlton was promoted to VP of technology and marketing. Knowlton began with Inlanta in 1997.

Susan Seoylemezian was appointed to VP, Taxation, at Uniondale, N.Y.-based Arbor Commercial Mortgage, according to a September statement.

National Mortgage News reported that Jason Gillispie, an SVP with Southwest Securities, and David Frase, and EVP with the warehouse lender, both recently departed the Dallas-based firm.

Spokesmen for Southwest Securities ignored request for information about the executive departures.
photo of Chris Knowlton
Inlanta photo of Chris Knowlton


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

e-mail:
[email protected]


Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.



Servicing News | Servicer Ranking | Delinquency Statistics
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.


Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.


Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.



Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.


Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.


Mortgage Branch News | Net Branch | Mortgage Branch Directory
Coverage of new and existing net branch operations. Programs, payouts and other details. Profiles of brokers and net branch lawsuits.



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