Tracy Jackson has been named as the new chief financial officer of SouthStar Funding LLC, an Atlanta-based, full-service mortgage lender, offering sub-prime, interest-only, alt-A and conventional financing.
Jackson was previously the CFO of Principal Residential Mortgage, a Des Moines, Iowa-based mortgage banking business, that was sold to Citigroup Inc. on July 1, 2004. He brings more than 20 years of experience in the mortgage industry to his new position with SouthStar. Jackson has been in the mortgage business since 1983 and has worked as a CFO for several different mortgage banking companies.
When it came time for him to move on from his position at Principal Residential Mortgage, Jackson said he went looking for, “A company that was exciting, growing, and one that offered challenges and opportunities for growth and advancement, along with the opportunity to really build something exciting. That's what I was looking for and [I've] really found the answer in SouthStar.” In SouthStar Funding, he believes that he has discovered a company that can take advantage of the culture of financial discipline that Jackson brings from Principal. He also sees SouthStar as a company that, because of its customer service orientation, is well-suited to assist mortgage brokers with their overall originations. He noted that while there has been a considerable amount of consolidation on the mortgage-servicer side of the industry, the number of mortgage brokers and originators has grown exponentially in the past few years. Jackson added that SouthStar has an excellent reputation in regards to merging the personal touch with technology.
“In my brief period here at SouthStar and in my communications with them over the past few weeks and months, the personal touch is very important, here, and you see it in everything they do,” explained Jackson. “What I think they're doing is that they're listening to the broker, hearing what the broker needs and then providing the tools that will help them reach specific customers.”
In his role as SouthStar's CFO, he intends to go beyond the traditional stereotype of the chief financial officer as a staid “bean counter” that's detached from the rest of the company. Jackson stated that his strong background in various areas of the mortgage industry would allow him to become involved with product development and help SouthStar reach out to new business partners and investors.
“Obviously, there are a lot of responsibilities for a CFO and they revolve around the financial aspects, but key roles are raising lines of credit and raising capital within lines of credit, financial controls and different kinds of financial initiatives that help the company be profitable,” said Jackson.
He and his family are thrilled to be relocating to Atlanta from Des Moines, Iowa. Jackson insists that they will miss the nice people, but not the cold Des Moines winters.
“It's an exciting move for us,” he said. “It will be fun to be a part of the Georgia community.”
During his time in Des Moines, Jackson was a member of the Mortgage Bankers Association of America and was president of the Foundation Trustees for Children's Families of Iowa, a non-profit organization that provides services to meet the ongoing needs of children, their families and their community.