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Mortgage Firms Recruit from Big Banks

Wells Fargo, BofA & others raided for new executives

Nov. 1, 2010

By JERRY DeMUTH MortgageDaily.com


New executives at seven small companies have come from Wells Fargo & Co., Bank of America Corp. and two other companies as the smaller mortgage operations continue to grow.

Guaranteed Home Mortgage Company Inc. of White Plains, N.Y., and Total Mortgage Services LLC, of Milford, Conn., hired a total of four executives from Wells Fargo Home Mortgage while Tyson's Corner, Va.-based Cardinal Bank raided BofA for one new executive.

At Guaranteed, Matt Sharp, who ran the private mortgage banking group in Westchester, N. Y., for Wells Fargo for the past three years, will serve as market manager for Westchester County, overseeing all aspects of the sales process.

In addition, Russ Pfeffer, who achieved a number one ranking for loan volume at Wells Fargo's Manhattan branch, will lead a sales team, recruit bankers and develop strategic relationships at Guaranteed's new Rockefeller Plaza office in Manhattan.

And Neil Bader, who led the mortgage banking team as an executive at Wells Fargo, will serve as Guaranteed's national retail sales director.

At Total Mortgage Services, Michael Dimech will serve as the company's new head of operations, responsible for managing the company's operations, from the time loan packages are received from borrowers until the time the loans are sold to investors. He formerly served as sales loan administration manager at Wells Fargo, managing a team of processors at branches throughout Connecticut and Massachusetts.

BofA lost Senior Vice President Richard F. Schoen to Cardinal Bank, where he will serve as SVP of its real estate lending team.

In other moves, Charlotte, N.C.-based RoundPoint Financial Group has hired Steve Bashmakov as its new chief financial officer. Prior to joining RoundPoint, he was CFO and executive VP of Fort Worth, Texas-based Residential Credit Solutions, Inc. He also served as CFO and a board member of Resmor Trust, Toronto, and held senior executive positions in finance at GMAC Residential Funding of Canada, ResCap and JPMorgan Chase.

Carrollton, Texas-based Wingspan Portfolio Advisors, a specialty servicer, has hired Brad Young to serve in its newly created post of vice president of business development. Young had been a partner with Minneapolis-based Castle Peak Capital Advisors, a bulk acquirer of distressed and seasoned whole loans and mortgage-backed securities.

photo of Richard Schoen
Cardinal Bank photo of Richard Schoen

A merger between Timonium, Md.-based Great Oak Lending Partners and Damascus, Md.-based 1st Maryland Mortgage Corp. has resulted in the promotion of Joshua Shein, who was managing partner of Great Oak, to president and chief executive officer of the combined company. The new company will be called 1st Maryland Mortgage but will operate under the name Great Oak Lending Partners. It has three offices in Maryland and operates in seven other states and plans on expanding into another seven states by the end of the year. An additional 20 to 30 people will be hired by the end of the year as part of that expansion, according to the company.

Recently elected to serve as a director on Freddie Mac's board was Clayton S. Rose, a former vice chairman and chief operating officer of JP Morgan, who currently is professor of management practice at Harvard Business School. He also has been a professor at the business schools of New York University and Columbia University.

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Jerry DeMuth is an award winning journalist who has been reporting for four decades.

e-mail Jerry at [email protected]
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