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Sprout Mortgage, a mortgage lender specializing in non-QM residential lending, appointed Michael R. Johnston to the newly created position of head of distributed retail. The long-time Wells Fargo home mortgage executive will play a key role in expanding Sprout's consumer and retail sales channel, reporting to Sprout president Shea Pallante, according to a press release.
“Michael will help drive our commitment to significantly build out Sprout's retail sales channel through direct-to-consumer outreach, brick-and-mortar retail facilities, and strategic joint ventures -- all designed to help Sprout better serve our end-user clients with high-quality financial solutions for homeownership and investment properties,” said Pallante.
Based in Miami, Johnston spent a two-decade-plus career at Wells Fargo in home mortgages prior to joining Sprout. Most recently, he was a Southeast division manager, leading a team of 800 to drive market share, boost profitability, and expand the enterprise customer base. Prior to that, he served as Wells Fargo vice president – regional sales manager, in Miami and Philadelphia regions. Prior to Wells Fargo, Johnston was a sales manager for PNC Bank in Princeton, NJ.