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Growing Lender Has New Chief

PrimeLending names Todd Salmans CEO

Jan. 12, 2011

By staff

PrimeLending has named a new senior management team -- including a new chief. The company reported that last year's originations were up nearly half from 2009.

Todd Salmans was promoted to president and chief executive officer of PrimeLending on Jan. 1, a news release Wednesday said. The new chief originally started with the Dallas-based firm in 2006.

Before his gig with PrimeLending, Salmans held executive positions at Chase, CTX and First Union.

Salmans takes over from founder Roseanna McGill, who has been named PrimeLending's chairman. McGill founded the company in 1986.

"I began laying the groundwork for these changes five years ago when I hired Todd," McGill said in today's statement. "Since then, we've worked like partners."

Another appointment at PrimeLending was Keith Klein, who was named chief operating officer on Jan. 1. Klein will maintain his duties as chief financial officer until a replacement is found.

Alan B. White, chairman and CEO of PlainsCapital, noted in the announcement that PrimeLending originated nearly $8 billion last year. Originations improved substantially from $5.5 billion in 2009.

"Now we are positioning PrimeLending for what we expect will be significant industry-wide changes in the near future," White said in the statement.

In December, PrimeLending -- which claimed to be the No. 10 FHA lender in the country during 2009 -- settled for $2 million allegations by the U.S. Department of Justice that it charged blacks higher annual percentage rates as a result of higher overages to loan originators.

PlainsCapital acquired Muskegon, Mich.-based United Financial Mortgage Services in April 2010. The acquisition of the 12-year-old firm created the Grand Rapids branch of PrimeLending.

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