FirstREX has hired Don Shewmaker as director of operations and Jim McGuire as sales director to help the company meet growing demand for its downpayment funding program, REX HomeBuyer. Shewmaker brings over 28 years of experience in the financial services industry serving in management positions at Bank of America, Wells Fargo Bank, and Deutsche Bank. Most recently, he was the bank operations executive at Pacific Capital Bancorp. As director of operations for FirstREX, Shewmaker will oversee the day-to-day operations of the REX HomeBuyer program, which provides down payment funds for borrowers.
McGuire has an extensive background in mortgage banking, having built McGuire Mortgage Company into one of the largest home equity lenders in the Midwest. He also founded 1-800-One-Loan and OneLoan.com, two early pioneers in online mortgage originations. As sales director, McGuire will be responsible for introducing and expanding the REX HomeBuyer program into new markets.
REX HomeBuyer increases homebuying options for borrowers by providing funds for up to half of a borrower’s downpayment on a home purchase. Because the funding is an equity investment—not a loan or subsidy—there is no interest and the homeowner makes no monthly payments. Instead, FirstREX earns a return on its investment equal to a share of the increase or decrease in value when the home is eventually sold, which can be up to 30 years in the future.
“As our REX HomeBuyer volume grows, Don’s track record in managing high-tech, high-volume operations for some of the largest banks in the country is going to prove invaluable,” FirstREX Co-CEO Jim Riccitelli said. “Likewise, Jim is a seasoned mortgage professional with deep talent and experience, who will help bring our home finance solutions to clients in the largest and most dynamic real estate markets in the country. We’re delighted to have these high-caliber professionals join our team.”