Cloudvirga has named Michael Schreck its Chief Executive Officer, succeeding cloudvirga Co-Founder Bill Dallas, who will continue as Chairman of cloudvirga’s Board of Directors.
Schreck joins cloudvirga on the heels of a successful Series B funding round that netted the company $15 million led by Blackstone Group portfolio company Incenter (joining previous investors Upfront Ventures and Dallas Capital). He brings a deep understanding of the digital mortgage space and two decades of experience nurturing leading tech firms as a CEO, Venture Capitalist and Co-Founder.
“The mortgage industry has been waiting for decades for a modern, automated and intelligent software platform that drives down costs while improving compliance,” said Schreck. “That software is finally here with cloudvirga, built inside a top originator and now in flight at eight of the country’s top 40 non-bank originators. Our customers, whether retail or call center, now have a compelling answer to Rocket Mortgage and a proven path to reducing their costs.”
For 20 years, Schreck has built and led pioneering companies whose innovative technologies enable the world's leading brands to better engage with their customers. He most recently served as Managing Director of Altisource Labs, an innovation center within mortgage software provider Altisource Portfolio Solutions. In that role, he was responsible for overseeing more than 1,000 employees across four next-generation software and analytics companies, including leading software-as-a-service (SaaS) providers Equator and Mortgage Builder.
“Michael embodies the entrepreneurial mindset and enterprise expertise that will define the next phase of cloudvirga’s growth,” said Dallas. “His record of success leading top-caliber companies and attracting heavyweight global talent will benefit cloudvirga tremendously as the company continues to accelerate.”
Schreck previously held CEO positions at digital publishing firm Zmags and government service provider Corrective Solutions. He also Co-Founded General Catalyst Partners, where Schreck helped develop successful startups including Upromise, SmartBargains, m-Qube and CoreMetrics. Collectively, these companies were acquired for more than $1 billion by SLM, GSI Commerce, VeriSign and IBM, respectively.
Opes Advisors, a Division of Flagstar Bank, has named Wendy Sisneroz as the new area manager for the region’s four offices in California’s Central Valley. This experienced mortgage lending team has been helping Central Valley residents achieve their dream of homeownership for more than 10 years. A lifelong resident of the Central Valley, Calif. region, Wendy has cultivated a reputation of trust and integrity with loyal clients and local industry professionals. She is known for her extensive knowledge of the lending process, from qualification to closing.
“We’re excited to have Wendy leading our mortgage teams in Modesto, Fresno, Merced, and our newest branch in Patterson,” said Scott Chase, Opes Advisors’ Northern California regional manager. “With the Central Valley poised for continued economic and residential growth, her proven leadership skills and unique understanding of how to help Opes Advisors increase our presence in this vibrant region make Wendy ideally suited to this new position.”
Founded in 2004 and recently acquired by Flagstar Bank, Opes Advisors is now part of the fifth largest bank mortgage originator in the U.S.
“Wendy is an amazing fit with the culture of our company,” said Susan McHan, Opes Advisors’ president of Distributed Retail Mortgage Division. “She is passionate about helping people become homeowners, and shows through her actions that she truly cares about her clients and peers. We are pleased to have her leading the Central Valley team.”
Premium Title has grown its sales team and announces two new national sales executives, Deborah L. Shepherd and Aaron T. Fain. Shepherd and Fain will be focused on delivering title and closing solutions to top- and mid-tier mortgage, home equity and reverse mortgage lenders.
Shepherd brings more than 28 years of experience having served in various leadership roles, including most recently at Accurate Group and TD Service Company. She joins Premium Title with extensive experience in growing and managing client and vendor relationships, developing and implementing corporate sales strategies, and delivering successful organizational integrations.
Fain has more than 15 years of sales and management experience throughout the originations, mortgage service, technology and title industries and was most recently at Chronos Solutions, where he served as vice president of Business Development.
GSF Mortgage Corp. continues to expand GSF Funding, the TPO/Correspondent Lending Division and welcomes David Kirchen as the new director of TPO/Correspondent Lending. He will be responsible for establishing partnerships with banks, credit unions, mortgage bankers and brokers.
Third-Party Origination (TPO) allows GSF’s partners to offer their customers additional mortgage programs and GSF will underwrite and retain servicing on the loan; however, should a customer have additional mortgage needs, GSF will direct them back to the original company.
A Wisconsin native, Kirchen is a veteran in the mortgage industry with almost 30 years of experience. Kirchen had previously been an area sales manager, where his branch was number one in terms of loans closed per month.
“Providing an exceptional customer experience is a daily goal,” said Kirchen.
Also joining the TPO Division is Lesa Meulemans, a Wisconsin native and graduate of Alverno College. Meulemans has been in the mortgage business for 35 years, with experience in virtually every aspect of the field including banking, brokering, and wholesale/correspondent lending.
Tim Lowey is joining the TPO Division as well. Lowry is a native of Louisville, Ky. and has been in the mortgage business since 2000, with experience as a loan officer, underwriter, and an account executive, before assuming his new role as GSF’s wholesale account executive.
“I am very pleased to welcome David and his team to GSF Mortgage,” said GSF Mortgage President Chad Jampedro. “David’s leadership ability and experience is a welcome asset to our company. He has had an instant impact on our TPO offering and we are excited to see his team develop.”
President Trump has announced his intention to nominate James Clinger as a member of the Federal Deposit Insurance Corporation (FDIC) for a six-year term, which will include a five-year tenure as the agency’s banking regulator, effective Nov. 29.
Clinger has worked for the past 10 years as chief counsel for the House Financial Services Committee. He previously served as Deputy Assistant Attorney General from 2005-2007, and as senior banking counsel for the House Financial Services Committee from 2001-2005, and as assistant staff director for the committee from 1995-2001.
Before entering public service, he was a litigation attorney at the firm Sutherland Asbill and Brennan from 1987-1995. Clinger graduated from University of Virginia with a BA in 1983 and a JD in 1987.
Freedom Mortgage has maintained its position as the top VA mortgage lender in the first quarter of 2017, originating $2.7 billion in VA mortgage loans in the first quarter of 2017, representing a market share of 6.2 percent, according to Inside FHA/VA Lending. Refinancing accounted for more than 75 percent of Freedom Mortgage's VA originations in the quarter.
Market conditions negatively impacted VA volume for lenders nationwide. Lenders closed an aggregate $42.9 billion of VA loans in the first quarter, down 28.1 percent from the fourth quarter of 2016. Eight of the top VA lenders saw large declines in their VA lending, with refinances accounting for just 27.7 percent of total VA production in the first quarter.
"We were able to react quickly to rising interest rates and maintain our position in the industry. Freedom Mortgage is honored to be one of the nation's top VA lenders," said Stanley Middleman, president and CEO of Freedom Mortgage. "We continue to offer our nation's veterans favorable terms, low down payments and great service, whether they want to buy a new home, refinance or explore a cash out with an existing mortgage."
Prosperity Home Mortgage LLC, a wholly-owned subsidiary of The Long & Foster Companies, has expanded its operations into the Detroit metropolitan area.
“We’re thrilled to have the opportunity to expand our footprint into the Midwest,” said Tim Wilson, chief executive officer of Prosperity Home Mortgage. “Prosperity continues to be one of the best mortgage companies in the country, and we are looking forward to showcasing the wealth of knowledge and integrity that our team of mortgage professionals brings to each and every transaction—all in support of our mission to deliver to our clients an extraordinary home financing experience.”
Ron Wivagg, national sales support manager for Prosperity, echoed Wilson’s thoughts.
“Prosperity has built a strong reputation for providing the highest quality of service and support to the clients we serve,” Wivagg said. “We lead the way with cutting-edge tools and technology, as well as competitive loan products. I’m confident with our continued dedication to providing personalized, focused service to each and every Prosperity customer, we’ll show our clients in Detroit exactly why we are among the top lenders in the nation.”
Homeward Residential Inc., a subsidiary of Ocwen Financial Corporation, has announced that Scott Houp has joined the company as vice president of Sales for the Western Division. Houp brings to his new position more than 30 years of mortgage banking and residential lending experience, with the last 22 years focused on business-to-business third-party origination (TPO).
“We are extremely pleased to be adding someone with Scott’s industry knowledge and character to the Homeward team,” said Michael J. Moorhouse, senior vice president of Homeward Residential. “Scott’s successful track record of delivering unparalleled service and support to customers will help Homeward expand our TPO market share throughout the important Western market. Homeward, remains focused on becoming one of the nation’s leading mortgage lenders.”
Houp comes to Homeward from Stonegate Mortgage, where he served as a SVP, Western Division manager, overseeing production in the broker, emerging banker and correspondent origination channels. Prior to his time at Stonegate, Houp was FVP, National Sales Leader at Kinecta Federal Credit Union, where he oversaw the wholesale and emerging banking TPO channel. He previously worked with Countrywide and Bank of America as a SVP, divisional manager for the Southwest, Midwest and Northeast regions.
He began his career at a financial institution in California where he worked for 10 years in retail origination, before moving to support TPO channels for residential lending.
Franklin American Mortgage Company (FAMC) Technology has announced the formation of an Innovation Team to foster and advance innovation throughout the company. Sharon Frazier has been named vice president of the new group that will be charged with turning ideas into products, revenue generators or growth catalysts through appropriate risk-taking and innovative discipline.
“Sharon’s entrepreneurial background, energy, and drive is perfectly suited for the challenge,” said Matt Rider, FAMC’s chief information officer. “The cross-functional team is focused on creating the company’s next-generation platform and pushing the boundaries of industry expectations.”
Castle & Cooke Mortgage has announced the opening of its new Reno, Nev. branch to be led by Jodi Drake, who has 17 years of experience in the industry and is licensed in both Nevada and California.
“Opening our first location in northern Nevada affords us the opportunity to address the unique needs of customers in the Reno area,” said Mike Querrey, national sales manager for Castle & Cooke Mortgage. “Jodi’s knowledge of the region, ability to assist customers in both Nevada and California, and extensive industry knowledge make her the perfect person to lead the new branch.”
Prior to becoming a loan officer, Drake worked on the quality control and compliance side of the mortgage business.
“My extensive mortgage banking background working with some of the industry’s most dynamic nationwide mortgage banking institutions undoubtedly laid the foundation that now enables me to successfully lead our Reno team,” said Drake. “We are focused on simplifying the lending process, packaging deals in a manner that allows for a shorter close of escrow, and educating our clients in a way that warrants their business for life.”