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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.

Senior Executives Recruited, Replaced

Recent mortgage executive activity

Dec. 13, 2011


portrait of Sam Garcia

A host of senior executive changes at mortgage and servicing firms include the appointments of chief executives, presidents and chairmen. Some of the appointments were promotions, while several were recruited from other big players such as the Federal Home Loan Mortgage Corp. The closing of a correspondent lending business created an opportunity for a California lender to pick up two executives.

John A. Koskinen, the chairman of Freddie Mac, has reached the company's mandatory retirement age and will be replaced by Christopher S. Lynch at this month's board meeting, according to a filing with the Securities and Exchange Commission. Lynch, who is already on Freddie's board of directors, is a former partner with KPMG LLP.

The filing also indicated that Freddie Mac Director Robert R. Glauber has reached mandatory retirement and will be replaced.

In addition, the McLean, Va.-based company must also contend with the departures of Charles E. Haldeman Jr., who has expressed his desire to step down as Chief Executive Officer this year, and Laurence E. Hirsch, who notified Freddie in October that he will not stand for re-election to the board.

First California Mortgage Co. disclosed in October that L. Andrew Pollock was hired as president and chief administrative officer of the Petaluma, Calif.-based firm. Pollock's prior positions include president and CEO of First Franklin Mortgage and managing partner at Global Logic Advisors LLC. He has also been a member of the company's board of directors for three years.

First Cal reports more than $200 billion in residential originations since it started in business 34 years ago.

In October, Nationstar Mortgage LLC President Jay Bray was named CEO of the Lewisville, Texas-based lender, according to an SEC filing. Bray replaced Tony Barone, who was named chairman of the board. Nationstar, a subsidiary of Fortress Investment Group LLC, previously announced plans for an initial public offering.

The former chief mortgage operations officer at PennyMac Home Loan Services, Scott Anderson, has joined as executive vice president, head of corporate strategy, a press release last month stated. The 23-year lending veteran also worked at Countrywide Home Loans and served as chief operating officer of Lehman Brothers' mortgage lending operations.

Anderson will lead loanDepot's strategic expansion.

In Dallas, Supreme Lending announced on Dec. 5 that James E. Iley Jr. was hired as senior vice president, national production manager. The 22-year executive will oversee all branch operations including the branch support and production teams at the 500-employee firm.

Iley was previously at cross-town rival PrimeLending managing production and business operations for branches in several states.

In October, Supreme announced that Craig Goetz was hired as western region production manager. Goetz previously was director of retail and divisional vice president at Caliber Funding LLC, where he managed a team of 180 people.

The same announcement indicated that Glynnis Barber was hired as underwriting manager at Supreme. Barber was recruited from W.R. Starkey Mortgage.

Stearns Lending Inc. recruited Nick Pabarcus and Seth Elbaum as correspondent regional sales managers. Pabarcus, formerly a professional volleyball player in Europe, was previously a correspondent lending sales manager at Bank of America Home Loans -- where he worked since 2000, initially with Countrywide Home Loans. Elbaum also came from the correspondent division of BofA, where he started in 2007.

BofA disclosed in August plans to close its correspondent lending division.

Santa Ana, Calif.-based Stearns -- a Mortgage Daily advertiser -- reported $7.2 billion in 2010 originations. Stearns said that it has been actively purchasing closed loans for nearly a year.

Carrington Mortgage Services LLC said last month that it hired Brad Nease as senior vice president, capital markets. Nease will oversee originations, product development and investor relations. He'll also be responsible for loan trading and warehouse lending.

Nease's previous employer was ICON Residential Lenders, where he was chief operating officer of capital markets. Hi prior employers include IndyMac Bank, Impac Funding Corp. and Mortgage Capital Management -- where he was a partner.

Prior to Nease's recruitment, Carrington Mortgage Holdings brought Rick Sharga on as executive vice president and primary spokesman. Sharga, who came from RealtyTrac, will be responsible for developing branding and marketing strategies for the Carrington family of companies.

Shore Financial Services Inc. said in November that Michael Kaysen was hired as chief operating officer. Shore is in an aggressive growth mode, with its staffing expected to expand during the next two years past a thousand from just 500 employees now. Several senior executives have been recruited this year by Shore.

A month earlier, Birmingham, Mich.-based Shore announced the hirings of Bob Fuller as head of underwriting, Greg Pappas as leader of secondary marketing and Mike Castleforte as general counsel and head of business development.

Sharon Bitz and Corey Moore were hired as division managers at ClearPoint Funding Inc., a Nov. 16 statement said. Bitz will oversee an expansion of the company's network of account executives and regional managers in California and the Northwest. Moore is responsible for the central region of the country.

The new executive director of business development at US Mortgage Corp. is Perry Silverman, a November announcement indicated. Silverman, a former mortgage broker, will run the mortgage partners division.

A new mortgage division is being established at Summit Bank by P.L. 'Chris' Brothers, according to a recent news release. Before joining the Oakland, Calif., institution, Brothers launched mortgage operations for three other California financial institutions.

Doug Cyphers was named vice president, director of technology, at BluFi Lending, according to an announcement last week. He manages loan origination systems, workstation software and all Internet services. Cyphers has 22 years' experience in information technology.

The new assistant vice president of business development, national retail production, at First Guaranty Mortgage Corp. is James Cromartie, a Dec. 5 statement said. The 20-year mortgage veteran will oversee a new priority lending division, and he'll identify and develop strategic relationships with key industry entities.

A month earlier, First Guaranty announced the addition of Mark Mayhook as managing director, capital markets. Mayhook's decade in mortgage lending included sales and account management for Morgan Stanley's correspondent conduit.

The appointments at McLean, Va.-based First Guaranty followed the promotion of Andrew Peters to CEO in September. He was promoted from senior vice president and had been with the company for more than a decade.

"Andrew understands that the mortgage lending business is changing dramatically and that the successful mortgage lenders will be those which adapt," First Guaranty Founder and Chairman Kenneth Clark said in the announcement.

In Fulton Md., NewDay Financial announced last month that Julie McMillin Lee was promoted to president of NewDay Reverse. McMillin started with NewDay in 2002 and helped establish the reverse mortgage division in 2009. The company claims to be one of the 10-biggest reverse mortgage lenders in the country this year.

Former Freddie chief credit officer Ray Romano joined the Collingwood Group as senior advisor, an October announcement indicated. Romano also previously worked at Washington Mutual and North American Mortgage, among other lenders.

Specialty servicer ENTRA Default Solutions LLC hired June Christy as vice president of operations. She has spent 25 years in the trustee business.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Before that, he worked in mortgage lending for two decades.

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