LenderLive Network Inc. announced that Mark Hughes has joined the firm as senior vice president of review services, leading the company’s due diligence and loan review business. In this newly-created position, Hughes will be responsible for growing LenderLive’s position as a third-party review (TPR) firm and expanding its offerings to investors, banks, mortgage companies and credit unions. He will report directly to Rick Seehausen, chief executive officer of LenderLive, and will be based in New York City.
LenderLive is approved by all the major credit ratings agencies as TPR for residential mortgage-backed securities (RMBS). The company also provides a range of post-closing, quality assurance and review services for correspondent investors, whole loan purchasers and mortgage servicing rights (MSR) transactions.
Prior to joining LenderLive, Hughes built the Due Diligence Solutions Group at CoreLogic, which he ran for more than five years. Earlier, he was president and chief operating officer of the Bohan Group, a leading due diligence firm. Mark began his career at Salomon Brothers (now Citigroup).
“New regulations, such as QM and the coming QRM standard, as well as trends like the shift in MSR ownership are creating a new demand for loan review services,” said Seehausen. “Ironically, this is occuring at a time when there is unprecedented turmoil and consolidation in the due dlligence industry. Adding a leader with Mark’s experience and reputation will benefit our clients and send a message to the market that LenderLive is fully commited to the due diligence business.”
“As large banks rethink their mortgage strategies, smaller banks and new entrants are seeing new opportunities in correspondent lending, MSRs and servicing, “ said Hughes. “But often these new participants lack the infrastructure to review portfolios and the loans backing various deals. LenderLive is an excellent partner for these new players, as well as for larger institutions looking for strong TPR providers.”