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Former Subprime CEO Hired by Growing Firm

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A California company that is looking to expand its correspondent lending program and improve its mortgage servicing capabilities has hired the former chief of a subprime mortgage lender to oversee growth.

In 2006, WMC Mortgage Corp. employed around 2,250 people and was originating $30 billion annually. At the helm of WMC as president and chief executive officer was Amy Brandt.

By the end of 2007, parent General Electric Co. had had enough of the mortgage business and shut down the Burbank, Calif.-based company.

Brandt, who started at WMC in April 1997, left the company in November 2006.

She has spent her days since WMC as CEO of Vantium Capital Inc., a company she founded with Apollo LP in 2007.

But Brandt’s time at Vantium ended in June, and now she has been recruited by Prospect Mortgage LLC to lead an expansion of its correspondent lending and mortgage servicing capabilities, according to an announcement Friday.

Sherman Oaks, Calif.-based Prospect has been busy expanding its operations recently.

It recently announced the launch of a new construction platform.


LinkedIn photo of Amy Brandt

In September, Prospect proclaimed that it was the only lender that comes up in a search on Fannie Mae’s HomePath for financing on investor properties when the borrower already has 10 properties.

Prospect Mortgage opened a renovation lending correspondent division in September.

Brandt’s new title is president of correspondent lending and servicing.

Her new boss, Prospect Mortgage CEO Ron Bergum, said that there is opportunity for the lender to greatly expand its national correspondent lending platform and build its loan servicing capabilities.

“Amy knows how to build a successful business,” Bergum stated in the announcement. “She will play a critical role in guiding the strategy for the implementation and growth of these important segments of our business.”

In July 2011, Prospect settled for $3.1 million with the Department of Housing and Urban Development allegations that it was running “sham” branches.

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