Stephen Thomas, an industry veteran with nearly three decades of experience in residential mortgage and banking, has launched FutureWave Finance. The company will be a minority-owned national correspondent lender.
Thomas named himself president and CEO of FutureWave Finance.
"Lenders need a product-focused approach to grow their residential mortgage business as we are undergoing a secular shift from the rate-driven refinance market that dominated the industry for most of our careers," said Thomas. "We are using our vast resources, infrastructure, technical knowledge, and numerous industry relationships to partner and deliver a wide variety of mortgage loan products – with expert pricing – to service that need."
Before this, Thomas worked at the Federal Home Loan Bank of Chicago (FHLBC). As the senior managing director of mortgage capital markets, he and his team spearheaded initiatives that provided liquidity for a plethora of residential mortgage products to small community banks and credit unions. During his tenure at FHLBC, Thomas championed numerous roles, including leading the FHLBC Office of Diversity and Inclusion and co-founding the FHLB Capital Markets Supplier Diversity Committee.
Thomas's career journey also includes founding and overseeing the Mortgage Finance Group at CastleOak Securities, a minority-owned investment banking firm, and holding roles at institutions like Fannie Mae and Countrywide Home Loans.
"I've known Steve Thomas a long time, and if anyone can deliver the leadership and drive to change the mortgage industry and provide home ownership opportunities, it's Steve. He knows this business inside and out and is deeply involved in the housing industry," added Julie Joseforsky, financial services president at Fay Financial.
