Spring EQ Hires VP, Capital Markets

Spring EQ, a first and second mortgage lender, hired Saket Nigam to be its senior vice president, capital markets. Nigam brings more than a decade of experience working in the mortgage capital markets. He will be responsible for leading the company’s continued growth in the consumer-direct and wholesale mortgage markets for first and second mortgage products. 

"Saket has significant leadership experience and secondary mortgage market expertise," Spring EQ CEO Jerry Schiano said. "He thinks like an entrepreneur, has a diverse background, and possesses the skills needed to build a cohesive team."

Nigam, who will report directly to Schiano, will assume leadership of developing deep and productive relationships with banks, credit unions and Wall Street.

With the housing market about to shift gears, Nigam said mortgage lenders will need to "sharpen their pencils" in order to grow business this year.

"The mortgage industry had one of its best years ever in 2020 with extreme volumes, especially with refinancing. But 2021 will not present the same opportunities," said Nigam. "Lenders that don't have a plan for surviving a higher interest rate environment and lower margins and high turnover are not going to succeed."

"One area that has room to grow, however, is the home equity market, since home equity loans allow borrowers to tap the equity in their home without having to give up low interest rates," he added. "While the market for home equity loans has been muted, we expect homeowners will start looking toward second liens as a viable option for accessing cash."

Nigam has deep expertise gained in global markets and across asset classes such as derivatives, options, and foreign exchange.