The STRATMOR Group has hired Tommy J. Finnegan III, an industry veteran with over 30 years of mortgage banking experience, as senior associate. Finnegan will join the bank consulting practice, where he will consult with STRATMOR’s banking clients that are intent on improving mortgage performance.
“As a former bank mortgage CEO, I bring some practical experience to the table for these STRATMOR strategic assignments,” Finnegan said. “I can speak to what works and what doesn’t when it comes to a bank’s mortgage operation. I can also help banks build the relationship between their retail and Wealth units and the retail mortgage group that is so critical to success.”
Previously, Finnegan served as president and CEO of the mortgage banking units of FirstMerit Bank, Akron, OH, Huntington Bank, Columbus, OH and as a senior mortgage banking executive at Integra Bank and Landmark Savings Association, Pittsburgh, PA. He began his business career with Peat, Marwick, Mitchell & Co. (now KPMG), as a Certified Public Accountant in the firm's Pittsburgh office.
“Tom has worked in institutions that STRATMOR has served, so he knows our methods well. He has the C-level experience we were looking for to expand our bank consulting business,” said Lisa Springer, managing director and COO for STRATMOR Group. “Most importantly, he is a good fit with our corporate culture. Tom stepped into a strategic conversation about organizational structure and compensation with a STRATMOR client within his first week and was able to provide significant value. We’re very pleased to have him on board.”
Finnegan has experience in building mortgage sales organizations targeted toward external business development, including third party production channels, direct origination via call center and relocation finance. He has developed and implemented strategies in secondary marketing, servicing, loss mitigation and servicing asset management, production operations and IT, construction lending, bank mortgage portfolio management and affiliated title company operations. He led successful integration of acquired banks' mortgage operations at FirstMerit, Huntington and Integra, and was responsible for evaluation and purchase of an independent mortgage bank by Integra.
“Mortgage is a cyclical and volatile business. Banks need strategies to deal with a time when volumes rise or shrink,” Finnegan said. “At the same time, the mortgage is an anchor product for most consumers that carries a lot of information about the consumer that the bank can use to better serve them. In addition, banks have certain social obligations related to CRA that they must meet in a profitable way. In this age of increased scrutiny, banks are rightfully concerned about implementing a realistic approach to the mortgage business. I’m very excited about helping institutions get that job done.”
Finnegan is a past president of the Ohio Mortgage Bankers Association and the Mortgage Bankers Association of Southwestern Pa., served on the Residential Board of Governors of the Mortgage Bankers Association of America, and was a founding board member of the Mortgage Bankers Association of Pennsylvania. He graduated with high distinction from The Pennsylvania State University with a BS in Accounting. He and his wife Beverly reside in Dublin, OH.