***We talk a lot about market shifts. Two in particular include the flow away from a predominantly refinance market to a more even split among refinances and purchase business. To prepare for this lenders are staffing up in key positions. Also, the appraisal space has come under fire. Appraisal management companies and lenders alike have more appraisal-related rules to deal with, which is prompting new staffing in some cases. Here’s more specifics on how lenders and AMCs are dealing with new market and compliance shifts:
****First, loanDepot.com, LLC, an independent mortgage lender, has added several mortgage veterans to its leadership team, expanding an already experienced and talented executive lineup. These individuals join a company that has seen steady growth since operations began in 2010.
****“Each of these executives has been strategically selected to support the continued growth and development of loanDepot,” said Chief Executive Officer and Founder Anthony Hsieh. “Their collective mortgage experience will position loanDepot to be a market share leader in our industry.”
****Since 2010, loanDepot has grown its workforce to more than 1,000 and licensed itself in all 50 states. In those three years, loanDepot has received approvals to sell loans to Fannie Mae, Freddie Mac and Ginnie Mae and has started servicing a majority of the loans it originates. To support this growth, loanDepot has recently added several mortgage veterans.
****H. Lynn Ryan, the newest addition to the loanDepot team, will serve as Executive Vice President and Chief Information Officer, taking on that role this week. Ryan will have oversight of all the company’s Information Technology systems, operations and services and will be responsible for the strategic direction of loanDepot’s technology. Ryan most recently served as Senior Vice President and CIO of CIT Group and previously held CIO roles at Novastar Financial, Ameriquest and Argent Mortgage. She also held senior information technology leadership roles at Sanwa Bank, Bank of America and Security Pacific National Bank.
****Candis Duke was named Chief Operating Officer in January. Duke oversees underwriting, credit, funding and enterprise risk management for loanDepot. She most recently served as Chief Risk Officer at Prospect Mortgage Company and her prior experience includes President at Mortgage & Management Strategies as well as management roles at Plaza Home Mortgage and Suncoast Savings & Loan.
****Jeff Walsh, Executive Vice President at loanDepot, was hired at the end of 2012 to oversee various departments during loanDepot’s continued growth. These areas include Processing, Human Resources, Vendor Management and loanDepot escrow relationships. Prior to joining loanDepot, Walsh served as Chief Operating Officer of Ameriquest Capital Corporation and previously was President and Chairman at Town and Country Credit.
****Duke, Ryan and Walsh have joined a seasoned leadership team that was also strengthened with the addition of Jeff DerGurahian in 2012. DerGurahian oversees the Capital Markets function of loanDepot as Executive Vice President and most recently served as Executive Vice President of Capital Markets at Prospect Mortgage.
****Second, appraisal management company Class Appraisal, Inc. has announced that John P. Hamameh, Esq. has joined the company as In-House Counsel and Compliance Attorney. Following the implementation of The Dodd-Frank Act, individual states have been required to develop their own state regulations and registration requirements pertaining to Appraisal Management Companies (AMCs). These regulations are still developing; therefore compliance can be difficult. Mr. Hamameh has been brought on board not only to assist with Class Appraisal’s compliance, but also to bring clarification to the industry as a whole.
****Mark Backonen, CEO of Class Appraisal, noted, “We look forward to having our own Compliance Attorney pioneer these regulations and continue to put Class Appraisal at the forefront of the industry.”