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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 Change Lenders

Recent mortgage executive activity

Sept. 25, 2011


portrait of Sam Garcia

Real estate finance firms have been busy recruiting executives, some from big-name lenders and others for top spots. Companies with big branch operations are among those recruiting. After changing its mind about selling its mortgage subsidiary, a Virginia-based bank replaced the senior management of the unit.

In July, Regions Financial Corp. confirmed that E. Todd Chamberlain had resigned from the company after an eight-year career there. Chamberlain turned up at PNC Bank, N.A., where he was named president and chief operating officer of subsidiary PNC Mortgage.

C.T. Hill, corporate executive vice president and head of consumer banking & mortgage at SunTrust Banks Inc., "will shift his primary focus to continued support of Jerome Lienhard in his leadership of the mortgage line of business and providing strategic oversight for the overall consumer banking business," a statement from the Atlanta-based bank last month said.

SunTrust President and Chief Executive Officer William H. Rogers Jr. noted that Hill's new executive vice president of consumer banking and private wealth management, Brad Dinsmore, will enable him "to focus on the extremely important tasks under way and ahead in our mortgage business."

In addition, Hill and Dinsmore will partner in efforts to align consumer banking strategy with an evolving regulatory environment and changing client banking behaviors, Rogers said.

Hampton Roads Bankshares Inc. disclosed in June plans to sell way Gateway Bank Mortgage Inc. The following month, the Norfolk, Va.-based bank disclosed in a Securities and Exchange filing that the company decided "that it makes strategic and financial sense to retain ownership of the business." The filing also said that Kevin Pack planned to resign as president and CEO of the mortgage unit. While the resignation was supposed to be effective on Sept. 1, it was moved up to July.

Taking over as CEO of Gateway Bank Mortgage was Chris Corchiani, who was director of mortgage lending. In addition, Glenn R. Astolfi was promoted to chief operating officer from his position as mortgage sales manager.

At Berkadia Commercial Mortgage LLC, Randy Jenson was recently recruited to be president and chief financial officer of the commercial real estate lender. His new responsibilities include oversight of finance and accounting, Treasury, process improvement and risk divisions. He'll also be involved in mergers and acquisitions.

Jenson was previously president of Ranch Capital LLC, a company he co-founded that managed more than $2 billion.

In Chesapeake, Va., Monarch Bank said in August that William T. Morrison was appointed chief executive officer of Monarch Mortgage. In addition, Jack H. Lane was named president of the division and Edward O. Yoder took over the new position of director of business development.

Steve Majerus was promoted to director of retail production at First California Mortgage Co. in July. The retail division recently expanded to 26 states from just 10. Majerus was promoted from the position of regional VP of Northern California.

Petaluma, Calif.-based First Cal also said that it promoted Jay Talbert to VP of production of operations from regional VP for Southern California.

The new northeast regional manager for Kinecta Federal Credit Union's wholesale-correspondent mortgage operation is Chris Knox, a statement earlier this month said. Knox will oversee account executive activity as the company expands from Maine to North Carolina.

Knox was vice president, national sales manager at Fifth Third Bancorp before starting with Kinecta. In that position he reportedly designed and launched wholesale and correspondent channels for Fifth Third.

Other prior employers for Knox include Wells Fargo Bank and Integra Mortgage Co.

Last month, First California Mortgage Co. announced that Michael McIlrath was recruited to be the company's national director wholesale production. His previous job was VP of wholesale production at GreenPoint Mortgage Co.

Pacific Union Financial LLC said last month that it recruited Robert Telles from Stearns Lending as its chief financial officer. Telles reportedly spent 11 years as CFO of Stearns, a Mortgage Daily advertiser. Pacific Union is a 327-employee mortgage banker based in Walnut Creek, Calif.

Meanwhile, at Santa Ana, Calif.-based Stearns, John F. Cady was hired as senior vice president of retail production. Prior employers for the 21-year veteran include Prime Lending and MetLife Home Loans.

Also hired by Stearns was 20-year mortgage veteran Greg Davis. His last job was senior vice president - director national sales and marketing with The Impac Companies.

Stearns, a advertiser founded in 1989 by Glenn Stearns, reports $7.2 billion in 2010 production.

Birmingham, Mich.-based Shore Financial Services Inc. announced in July that Susan Pelto was appointed chief compliance officer. Pelto was recruited from Quicken Loans Inc., where she spent nine years as regulatory compliance officer.

Shore additionally said that Kathy Welty was promoted to the position of chief risk officer.

The moves by Shore came just three months after it named Kip Kirkpatrick CEO.

John Korothy was hired as vice president of credit operations at U.S. Mortgage Corp., a press release Thursday said. The 14-year mortgage banking veteran will be responsible for all facets of loan pipeline and risk management
including opening, processing, underwriting, hedging and funding.

Another appointment at New York-based U.S. Mortgage was Marc Silvera to VP of capital markets. Silvera reportedly has a decade of experience.

First County Bank in Stamford, Conn., recently announced that the new VP of its mortgage lending operations is Constantine "Gus" Drakakis. During 27 years in the business, Drakakis reportedly worked at Wells Fargo Home Mortgage, GE Money Bank and New Century Mortgage Corp.

In Atlanta, John M. Pruitt was recruited by Fidelity Bank to manage Fidelity Bank Mortgage, a Sept. 13 announcement indicated. Pruitt has 26 years' experience, including time in several leadership positions.

Also in Atlanta, Angie Gora was named Georgia state manager at Real Estate Mortgage Network this month. Gora reportedly has a quarter century in the business. She came from SunTrust Mortgage as a group vice president.

REMN, which reports nearly $3 billion in 2010 originations, additionally named Todd Greak to the Georgia state manager post. He has 17 years' experience and was a VP at SunTrust Mortgage.

In Brookfield, Wis., Peter Salamone was named business development manager of Inlanta Mortgage. His 19 years in mortgages lending most recently included a stint as a wholesale account executive for MetLife Home Loans.

Al Crisanty was hire as VP of national wholesale production at 360 Mortgage Group two months ago. He'll oversee the company's territory sales managers as the Austin, Texas-based company expands to all 50 states. Crisanty previously held the position of national wholesale director at Caliber Funding. 360 Mortgage credited Crisanty with transitioning 500-employee Capitol Commerce Mortgage Co. after it closed in 2003 into American Brokers Conduit.

Churchill Mortgage Corp. promoted Doug Walker to VP of sales support. In a statement earlier this month, the Brentwood, Tenn.-based company said that Walker will support home loan specialists for all of its branches. He reportedly has 15 years' experience, including 14 at Churchill.

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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