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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

New Execs at Reverse Lender, Net Branch & Other Firms

Recent mortgage-related executive activity

Nov. 17, 2009


A reverse mortgage lender has turned to an attorney to lead the company, and a growing net branch operation has hired an executive to oversee further expansion. Other recent mortgage-related executive activity involved servicing, securitization and banking businesses.

Next Generation Financial Services announced last week that it has a new chief executive officer: Robert Cannon. Acting president Richard Pitbladdo will continue as chief financial officer.

Cannon, an attorney, has reportedly overseen nearly 2,000 reverse mortgage closings. Next Generation said he has developed private label reverse mortgage programs for community banks. The Baltimore-based lender highlighted Cannon's comprehensive knowledge of increasing regulatory compliance.

Walla Walla, Wash.-based NetMore America Inc. announced on Tuesday that John Cassell was hired as the newly created senior vice president of retail production. He will manage and grow NetMore's branch system.

The 18 branches currently operated by the company generate 40 percent of its production.

Cassell was most recently vice president and division operations manager for Wells Fargo & Co., where he oversaw 350 employees at 13 operations offices. Before that, he "held executive level production, operational and financial roles" for the retail branch platform" at Central Pacific Mortgage Co. -- which collapsed in 2007.

Lonnie Shiffert was hired as executive vice president of lending at Solon, Ohio, Park View Federal Savings Bank, a news release this month said. Shiffert holds a bachelor's degree in Business Administration from the University of Toledo.

The new head of U.S. mortgage and structured finance research at BofA Merrill Lynch Global Research is Chris Flanagan, according to a Nov. 20 announcement. His was at his prior job as co-head of securitized products research and head of ABS, CDO and CMBS with JPMorgan Chase & Co. since 2000.

photo of John Cassell
NetMore photo of John Cassell

"Flanagan will be responsible for the strategy and development of our research product, analytics and modeling across all U.S. mortgage and structured finance disciplines," BofA said.

A press release Tuesday said Diane L. Dougherty was appointed senior vice president and director of collections at The Huntington National Bank. She has seven year's experience leading customer counseling programs for National City Mortgage and previously worked at CitiMortgage Inc.

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

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Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.
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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