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Leadership Changes at Mortgage Firms

Recent mortgage executive activity

July 13, 2011

By SAM GARCIA MortgageDaily.com


portrait of Sam Garcia

Several former Countrywide Home Loans executives have landed at PennyMac. Other firms to recently appoint new mortgage executives include a mortgage insurance firm, two government-sponsored enterprises and a mortgage cooperative. Even commercial mortgage firms and distressed-loan servicers have been busy recruiting.

A June 22 filing with the Securities and Exchange Commission indicated that Susan R. McFarland would become executive vice president and chief financial officer of Fannie Mae on July 11. She has a quarter century of experience and was an EVP at Capital One Financial Corp.

McFarland will earn a base salary of $600,000. In addition, she'll be paid $1.5 million in deferred pay, subject to performance, and $1.1 million in long-term incentive awards. She also negotiated a $1.7 million signing bonus.

McFarland replaced David C. Hisey, who will continue at the Washington, D.C.-based company as principal accounting officer.

Brian Frame was hired as VP for the Mortgage Partnership Finance division of the Federal Home Loan Bank System. Frame's prior employers include Radian Guaranty Inc. and CMG Mortgage Insurance.

The new chief operating officer at PHH Corp. is Glen A. Messina, a news release last month said. Messina will report to PHH Chief Executive Officer Jerry Selitto and will have responsibility for PHH Mortgage and the company's fleet management unit. Luke Hayden, president of PHH Mortgage, will report to Messina.

Selitto noted in the statement that he expects "broad regulatory" changes to continue for the foreseeable future. He also sees significant changes ahead in the secondary mortgage market.

Susan Malpocker has been promoted from western regional manager to national sales director of Lenders One Mortgage Cooperative. In a statement last month, the St. Louis-based cooperative said Malpocker has spent the last four of her 20 years in mortgage lending with Lenders One. Other prior employers include CitiMortgage Inc. and Nexstar Financial Corp.

Malpocker will oversee the recruitment of new members for the cooperative. In addition, she'll work with investor and vendor partners.

Lenders One also announced that Diane Dunger was promoted to Malpocker's prior position. Dunger also has two decades of experience and also worked at CitiMortgage.

In May, Lenders One said Jerry Mercer was named director of national programs. His 13 years in the business included positions at Ameritrust Wealth Management and Collateral One Mortgage Corp.

The new chief executive officer of Irving, Texas-based Caliber Funding is Brian Simon, a statement last month said. The 20-year veteran left his seven-year job as chief operating officer of Freedom Mortgage to join Caliber.

Doug Casbon was recruited by Starkey Mortgage LLP to be SVP and regional manager for Georgia and South Carolina. Casbon was recruited from Bank of America.

At Fishers, Ind.-based Stonegate Mortgage Corp., Matthew Locke was hired as SVP of retail lending. Locke was previously president of retail lending for Pulaski Bank, where he worked for 14 years.

Michael Jones was named CFO of Shore Financial Services Inc. in May. With 25 years in the financial services industry, Jones left his job as EVP and CFO of Mortgage Assurance Corp. He previously held jobs with Wells Fargo Home Mortgage and Lehman Brothers Global Mortgage Operations.

Allied Home Mortgage Corp. reported in May that Christina Abatecola was hired as marketing director. Abatecola, who was Miss Italia 2010-2011, will work directly with loan originators and real estate agents on marketing programs.

Private National Mortgage Acceptance Company LLC announced early last month that Doug Jones was hired as the company's chief correspondent lending officer. In addition to growing the correspondent business, Jones will lead the development of the company's warehouse lending business.

Jones was hired away from Bank of America, where he led the correspondent lending business. He became part of the bank through its acquisition of Countrywide Credit Industries, where he started in 1997.

Jim Follette was hired by PennyMac as its new managing director, correspondent fulfillment, the company said Monday. In his new job, Follette will help manage the correspondent loan acquisition platform and maintain responsibility for all customer relationships in the loan acquisition process.

Follete previously was a senior VP at Bank of America Home Loans. He originally joined Countrywide Home Loans in 2003.

In the same announcement, PennyMac said 20-year mortgage veteran Kim Nichols was hired as regional sales manager for the correspondent lending division's western region. Before joining the Calabasas, Calif.-based company, Nichols spent four years as VP in BofA's institutional mortgage services.

Less than two weeks prior to announcing the addition of the correspondent executives, PennyMac said it recruited Paul Szymanski from BofA's mortgage unit to serve as managing director of warehouse lending. Szymanksi was replaced at BofA by Mike Hall, Source Media reported.

Source Media also reported that Impac Mortgage Holding Inc. wholesale executive VP Steve Curry left the former Alt-A lender to join Santa Ana, Calif.-based wholesale lender ClearVision Funding.

In Milford, Conn., Total Mortgage Services said in May that Victoria Bextel has been placed in charge of national operations. With 22 years under her belt, Bextel will be responsible for managing wholesale and retail operations from loan application to secondary sale. Bextel joined Total from ISGN as SVP.

Total said that it additionally hired Elaine Presta as wholesale operations manager. Presta is also a 22-year mortgage industry veteran and was also recruited from ISGN.

Kimberly Shaul replaced Joe Dillon, who retired as SVP and general manager of CMG Mortgage Insurance Co., the San Francisco-based company said in May. Shaul was most recently deputy secretary of revenue for the state of Wisconsin.

At New American Funding, Sam Ellsworth was appointed VP of residential lending, a statement last month indicated. Ellsworth will oversee growth in Southern California. He'll also oversee retail branches. He was previously a sales manager for Trust One Mortgage Corp.

Default servicer LCS Financial Services Corp. has a new SVP: Mike Sullivan. The new executive reportedly has a quarter century of experience, most recently as CEO of Moss Codilis where he helped create and manage Default Servicing Solutions and Claims Recovery Financial Services.

John Kontoulis and Greg Gault will head an office of the chairman that was created by Kondaur Capital Corp.'s board of directors. The corporate reorganization follows founder and former CEO Jon Daurio's departure from the distressed loan investor. Kondaur said in February that it was laying off 155 employees.

The newly created position of area manager for North and South Carolina at Real Estate Mortgage Network Inc. is Richard Lester, the company reported in June. The 600-employe firm said that Lester's three decades in mortgage lending included stints with Fifth Third Bank, PNC Bank Mortgage and Banc One Mortgage.

A June 13 statement from Walker & Dunlop indicated that Charles R. Christensen was hired as SVP of multifamily finance for the California company. Christensen was president of CKJ Properties Inc. before taking on the new job.

Beech Street Capital LLC said in May that Joshua Rosen joined the firm as EVP for FHA healthcare programs. Rosen cam from Oppenheimer Multifamily Housing and Healthcare Finance and also worked at Capmark Finance during his 20-year career.

Greg Boester was hired as managing director of Barclays to expand its U.S. residential securitization activity, Asset-Backed Alert reported. He starts his new job on Sept. 15. Boester was most recently employed at Citadel and previously worked at J.P. Morgan Securities, where he was hired as an adjustable-rate mortgage securities trader in 2002.

On a busy highway in Puerto Rico, Maurice J. Spagnoletti was shot to death on his way home from work in June, the Associated Press reported. Spagnoletti worked for Doral Bank as an EVP of mortgage and banking operations, and it is suspected that his work on an audit at the bank was tied to the murder.


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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