A company founded by a former Consumer Financial Protection Bureau official has agreed to a merger that has it providing non-Qualified Mortgage through the wholesale channel.
Fenway Summer LLC calls itself a hybrid advisory and venture investment firm. The Washington, D.C.-based company was founded in April 2013 by Raj Date.
Date was the former deputy director at the CFPB and a special advisor to the Treasury Secretary. But he also spent time in the private sector at Deutsche Bank and Capital One Financial Corp.
An announcement Tuesday said Fenway has agreed to merge with Ethos Lending LLC.
Ethos says it is a residential home lender specializing in agency eligible mortgage.
The combined organization will operate nationally as Ethos Lending and focus on agency mortgages and non-QMs.
“Fenway Summer LLC has been incubating a non-qualified mortgage company alongside other ventures — including a recently announced credit card venture — for several months,” the announcement said.
Ethos said it expects to begin originating agency mortgages in the second quarter. It plans on being one of the first wholesale originators of non-QM loans.
Its product menu is expected to include hard-to-find programs such as interest-only loans under the current conforming balance threshold of $417,000.
While Date will serve as chairman of the combined organization, Fenway Summer Chief Executive Officer Mark Lefanowicz will serve as Ethos CEO. Lefanowicz previously worked as chief financial officer at Provident Funding and CEO at E-LOAN.
Ethos Lending LLC Founder Adam Carmel has been named president of the new organization.
