RoundPoint Mortgage Servicing Corporation (RPMS) has announced that, after 10 years of operation, it recently launched a Retail Mortgage Lending Division. Licensed in 42 states, its mortgage lending operation is headquartered in Charlotte where RPMS is based.
The new Mortgage Lending Division, which employs 174 people, was initially launched to neutralize RPMS’s portfolio run-off. The next phase for the operation is to expand to purchase market opportunities. It offers a full suite of mortgage loans, including GSE, government and alternative financial products.
“RoundPoint’s more casual, relaxed, no pressure approach to mortgage lending is something we believe is distinctly different in the industry,” said Kelli Yarbrough, RoundPoint Vice President. “Education and empathy are the most important qualities we can offer to borrowers, and we make sure that human beings are available at every step of the process to answer questions and provide status updates.”
Resitrader Inc. has announced it has completed full integration with Fannie Mae's Pricing & Execution-Whole Loan (PE-Whole Loan) application for pricing and committing whole loans. This provides clients with the ability to obtain pricing across all "specified pay-up" options, and then commit and manage commitments for Fannie Mae loans through Resitrader's digital trading platform.
Resitrader users compare Fannie Mae whole loan pricing directly to bids from banks, aggregators and investors. By adding loan-level price adjustments (LLPAs) and mortgage servicing rights (MSR) values, users create an "all-in bid" on their Fannie Mae delivery option and then compare that pricing directly to servicing released bids from other investors.
“The Resitrader integration with Fannie Mae allows us to price and take down dozens of contracts with Fannie Mae simultaneously," said Tim Tuz of Wintrust Mortgage, "which reduces risk of market movement, and allows us to allocate loans to Fannie Mae more frequently."
Waterstone Mortgage Corporation has announced the opening of a new branch in Concord, Calif. The new office is led by Branch Manager Jaime Joyner, who has more than 20 years of experience in the mortgage industry. Joyner and her team came to Waterstone Mortgage from Caliber Home Loans.
"This is our first branch in Northern California, so we are especially excited about its opening," Joyner said. "Businesses in Concord are growing quickly and the newly-created jobs are drawing a lot of people to the area. We are here to help individuals in the community get into homes or refinance their current mortgage loans with loan programs that truly make sense for them, with customer service that makes the process very smooth.”
The new Concord branch is one of many Waterstone Mortgage branches throughout the nation; overall, the company has the ability to lend in 43 states.
"Jaime and her team are an invaluable addition to Waterstone Mortgage. Their knowledge of the Concord area is second to none, and they have the superior work ethic and positive outlook that defines our company culture," said Waterstone Mortgage President and CEO Eric Egenhoefer. "We are also excited to serve homebuyers in Northern California, and look forward to helping them achieve their homeownership goals."
LoanLogics has announced that Craig Riddell has been promoted to Executive Vice President, Chief Business Officer. Riddell, who formerly served as Senior Vice President and Chief Business Development Officer, will be responsible for establishing and developing ongoing relationships with LoanLogics' largest enterprise clientele, growing the company's LoanHD AppQ Network of data services and integration partners, as well as overseeing the LoanLogics' account management and consulting services teams.
Riddell has 25 years of executive level experience in the real estate finance industry. Since joining the company 10 years ago, he has been responsible for implementing all LoanLogics solutions including the industry-leading LoanHD Loan Quality Management platform, which helps mortgage lenders verify and validate the accuracy of data in their loan files.
"Craig knows our customers better than anybody at LoanLogics and his contributions to our growth as a company have been invaluable," said LoanLogics President and Chief Executive Officer Brian Fitzpatrick. "As we continue our market penetration and bring new and innovative products to the market, Craig will be engaged more deeply in a broader set of responsibilities across our business so we may continue to solve the industry's biggest loan quality and risk management challenges."
Berkadia has announced that it was approved as the first Freddie Mac Seller/Servicer to obtain the National Single Family Rental Designation by Freddie Mac Multifamily. This approval permits Berkadia to sell and service loans secured by single family rental properties nationwide to Freddie Mac.
“The entrance of Freddie Mac into the single-family rental space is an exciting development for both borrowers and tenants,” said Berkadia Managing Director Anthony Cinquini, who is leading Berkadia’s entrance into the space. “As the sector grows and becomes more standardized, Berkadia will employ industry best practices during the life of the loan in terms of asset quality and conditions. We’ll utilize our deep multifamily knowledge to ensure the quality of the home meets acceptable standards set by Freddie Mac. Ultimately, this should benefit the affordable community by increasing the rehabilitation of ‘low value’ homes by experienced borrowers that are incentivized to maintain the asset quality.”
In 2016, Berkadia’s loan origination volume was $20 billion, ranking first with U.S. Department of Housing and Urban Development, second with Freddie Mac and fourth with Fannie Mae in delivered loan volume.
David D. Leopold, Vice President of Targeted Affordable Sales & Investments at Freddie Mac Multifamily, said, “Freddie Mac’s single-family rental pilot is designed to enhance our efforts to bring liquidity, stability and affordability to the rental market, and Berkadia will be an important partner in that work. We are delighted to be working with Berkadia in this new capacity and look forward to expanding affordable housing options for low-income and working families.”
GSF Mortgage Corporation has announced that Gino Gregory has been promoted to Area Manager in Western Pennsylvania, where he previously served as a Branch Manager. In his new position, he will focus on growing the presence of the GSF brand in Pittsburgh and the surrounding areas.
A native of Belle Vernon, Penn., Gregory has been in the mortgage industry since 2002. He is a graduate of the University of Pittsburgh with degrees in both finance and information systems.
“Gino has been a successful Branch Manager for more than three years, bringing his government lending expertise, as well as numerous long-term real estate relationships with him. His goal has always been to grow GSF Mortgage in the Western and Central PA markets. His promotion to area manager is well deserved and we’re expecting great things from him,” said GSF Vice President of Retail Sales Frank Papaleo.
New American Funding has named Eric and Leslie Bergen as Area Production Manager and Area Sales Manager, respectively. They will be key leaders responsible for expanding the company’s footprint across Texas and New Mexico through increasing loan production, onboarding Loan Originators, and opening new branches.
Leslie will coach Loan Originators to maximize their potential while Eric will oversee the backend to ensure that loans are efficiently processed.
“We’re excited to join forces with New American Funding and have an unstoppable El Paso team. It’s a strong market and the best kept secret of the Southwest,” said Eric. “We believe in closing loans on time, every time and are committed to providing 5-star service.”
The Bergens are El Paso natives who most recently worked as a husband-and-wife team at an independent lender where Eric was Branch Manager and Leslie was a top-producing Vice President who closed 400 loans and funded $80 million last year. They bring more than 50 years of combined experience to their new roles.
“We’re thrilled to have this dynamic duo onboard,” said Tania Guzman, Area Manager. “Not only do they have a wealth of mortgage expertise and in-market knowledge but they’re skilled in training leaders. We’re very excited about this collaboration and growing to the next level.”
Sierra Pacific Mortgage Co. Inc. has launched a Builder Division that will focus on providing mortgage services for homebuilders.
The Folsom, Calif.-based lender has hired Diane Cimarusti-Galigher, a former Senior Vice President at BD Holdings, as the Division’s Regional Builder Manager for Accounts in Southern California and Christopher MacNaughton, a former Regional Builder and Business Development Manager at New American Funding, to oversee builder accounts in Northern California. Chip Brown, a Past President of Raleigh Mortgage Bankers Association, was recruited as a Business Development Manager focused on the East Coast, and Mike Seeley, formerly the West Coast Builder Manager for Guaranteed Rate, was brought in as a Builder Branch Manager to generate new partnerships with the homebuilder industry.
“By having a dedicated builder team, and combining innovative technology, a robust product suite, and builder specific fulfillment processes, we will be able to serve the needs of our homebuyers and homebuilders for years to come,” said Jay Promisco, Senior Vice President of Retail Production. “Our process is not just different, it’s better.”
Farmer Mac, arguably the quietest government-sponsored enterprise (GSE), has become embroiled in a mysterious controversy surrounding the abrupt firing of its leader.
In a press statement, Farmer Mac announced that its Board of Directors fired Timothy L. Buzby as President and CEO. Buzby, who had been on the job since 2012, was removed “solely on the basis of violations of company policies unrelated to the company’s financial and business performance.”
No further explanation of Buzby’s departure was offered, and Buzby made no public comment.
Lowell L. Junkins, who has been Farmer Mac’s Board Chairman since 2010, will serve as Acting President and Chief Executive until a full-time replacement is named.
“My job, as acting CEO, is to make sure nothing gets in the way of this organization’s stellar leadership team and staff and the excellent work they do every single day,” Junkins said. “As our third quarter results demonstrate, we have been performing extraordinarily well and look forward to that continuing without a hitch.”
Redfin Mortgage LLC, the lending subsidiary of the real estate brokerage Redfin Corp., is now offering home loans in the District of Columbia.
This is the third market for Redfin Mortgage, which also serves homebuyers Texas and Illinois. The company, which plans to expand into more states next year, offers fixed and adjustable-rate conforming mortgages and jumbo loans.
“In the competitive Washington, D.C. real estate market, Redfin Mortgage’s 30-day closing guarantee gives homebuyers an edge in getting their offers accepted,” said Jason Bateman, Head of Redfin Mortgage. “By earning the seller’s confidence that the sale will close on time, offers from buyers with a Redfin Mortgage will stand out from the crowd in a bidding war.”