Deephaven Mortgage has hired Aaron Drago as its new Chief Operating Officer, the company announced in a press release.
“It’s an absolute honor to join such an esteemed organization focused on innovation and growth,” Drago said in a LinkedIn post.
“Deephaven already differentiates itself through its agility and highly responsive service. In nautical terms, we’re a yacht, rather than a cruise ship, with the flexibility to make changes that cater to customers’ emerging needs. I’m excited to help us innovate our operations and leverage technologies to build on that advantage—and ultimately empower brokers and correspondents to serve more Non-QM borrowers,” he said.
Drago brings decades of experience, including c-suite positions, to the company. He most recently served as COO for…
Long-time Rocket CEO Jay Farner is retiring after 27 years and he says the move will give him more time to focus on his family.
Farner will officially retire effective June 1, 2023, according to a press release. He is also giving up his position on Rocket’s board of directors, effective immediately.
“Being part of this amazing organization has been one of the most rewarding experiences of my life. More than 27 years ago, fresh out of college, I decided to join a small mortgage company led by Dan Gilbert. I could never have predicted the amazing journey that one decision would have taken me on,” Farner said.
Farner joined Rock Financial– the company that would later become Rocket Mortgage…
loanDepot founder and former CEO Anthony Hsieh has stepped down from his executive chairman position as part of a mutual agreement unanimously approved by the company’s Board of Directors.
In a press release, the Board explained that the decision arose from a proxy fight started by Hsieh when he sent a letter to loanDepot shareholders indicating he planned to nominate and, by virtue of his 57% combined voting power, instate Steven Ozonian as a director.
Ozonian is CEO of the Williston Financial Group and would have replaced sitting independent director Pamela Hughes Patenaude, a real estate and housing policy expert whose term expires at loanDepot’s annual meeting this year.
Hsieh cited an “urgent need for board refreshment” to combat dwindling…
By KIMBERLEY HAAS
The executive vice president of Rocket Pro TPO told brokers across the country on Monday that they are willing to indemnify those who choose to fight United Wholesale Mortgage’s anti-competition ultimatum.
During a live-streamed Ignite Live event, Mike Fawaz said he believes the ultimatum was one of the worst things to happen to independent mortgage brokers in 50 years.
“The ultimatum uses lawyers and contracts to limit choice – both for the broker and for the clients the broker services,” Fawaz said. “There’s no other way to put it – the ultimatum is immoral, reduces broker incomes, and increases the rates the clients of brokers will pay.”
Fawaz said that they stand behind brokers who want to…
Carrington Mortgage Services, a private non-bank lender, is adding assumable mortgages to its list of services.
Assumable mortgages allow buyers to assume responsibility for a seller’s loan terms. This includes the current balance, interest rate, remaining term, and any other terms of the mortgage.
“Carrington is committed to ensuring borrowers have every possible opportunity to obtain a loan on the home they want,” said Greg Austin, EVP, Mortgage Lending for CMS.
“Assumable mortgages are another loan option that Carrington is educating home sellers and buyers about in this very complex real estate market.”
Buyers who have the opportunity to assume a mortgage with a low interest rate could see significant savings over the life of the loan.
Carrington is alerting…
Andrew Hubacker has been named Chief Financial Officer at United Wholesale Mortgage, the company announced in a press release.
Hubacker is taking on the role immediately. As CFO, he will oversee the company’s finances, including accounting, reporting, compliance, tax, treasury, budgeting, forecasting, and liquidity management.
“I’m humbled to be named UWM’s Chief Financial Officer,” said Hubacker.
“From helping to take the company public through the largest SPAC in history, to becoming the #1 overall mortgage lender in the nation, my experiences at UWM have been nothing short of extraordinary. The positive mindset and service mentality every single team member and leader have here is truly unmatched. I’m eager to continue elevating and enhancing the role and capabilities of our finance…
New American Funding is launching a new initiative for first-time homebuyers.
Officials at the company announced the Pathway to Homeownership program on Monday.
Qualified borrowers in select areas can receive up to $8,000 in assistance to help them buy a new home.
The money distributed through Pathway to Homeownership is a grant, not a loan. Those who receive it do not need to pay it back, according to the announcement.
“One of the pillars of our company is helping members of underserved communities become homeowners,” said Patty Arvielo, Co-Founder and President of New American Funding.
“The Pathway to Homeownership initiative helps people from all walks of life who are otherwise qualified clear the initial hurdles that come with buying a…
Allen Illgen has joined Mortgage Connect LP, a national mortgage services provider, as a National Sales Executive, Originations, the company announced.
“I am thrilled to announce that I have joined the exceptionally talented team at Mortgage Connect! I want to thank all of my amazing clients and former colleagues for their support and friendship as I transition to this exciting chapter in my career,” Illgen said in a LinkedIn post.
“Mortgage Connect is known for its unwavering dedication to innovation, quality, and customer service, and I am very grateful to be part of this world-class team that always places the client first.”
Illgen brings more than two decades of mortgage industry experience to the position. He most recently served as…
Kelly McGuinness has been promoted to SVP, Regional Manager for the Northeast Region at PrimeLending, the company announced in a press release.
McGuinness will be responsible for loan origination production in the Northeast, including New York, New Jersey, Connecticut, Rhode Island, Massachusetts, New Hampshire, Vermont, and Maine.
“Truly honored, humbled, and excited for this next adventure! It is a joy working with the best in the business,” she said in a LinkedIn post about the promotion.
McGuinness brings more than three decades of mortgage industry experience to the position. Prior to PrimeLending, she owned her own mortgage company, United Mortgage Finance Group, for 26 years.
She joined PrimeLending at the Milford, Connecticut branch as a Branch Manager in 2013. Her…
Rocket Mortgage will provide its digital home loan application product through a bank’s app for the first time.
Fourth Capital, a Nashville-based community bank, will offer Rocket’s digital loan application to its customers inside their usual banking app through a new Q2 Holdings platform, the companies announced in a press release.
“Rather than trying to build a mortgage lending service ourselves from scratch, we launched the award-winning Rocket Mortgage solution through Q2’s Innovation Studio Marketplace,” said Brian Heinrichs, CEO at Fourth Capital Bank.
The bank partnered with Q2 Innovation Studio’s Marketplace Program. The program has an app store-like interface designed for banks and credit unions, which can then choose from pre-integrated third-party products.
Fourth Capital customers can apply for a…
