Provides Opinion & Testimony In:
Mortgage, Mortgage Capital Markets, Mortgage Risk Evaluations, Mortgage Securities, Merger Advisory, Acquisition Advisory, Warehouse Credit Lines, Mortgage Origination, Servicing Portfolio, Credit Analysis, Predatory Lending, Hard Money Lending, Mortgage Loss Mitigation, Mortgage Backed Securities, Mortgage Underwriting Guidelines, Sub Prime Mortgage Lending, FHA, FHLMC, Alt A Mortgages, Warehouse Lending, Alternative A paper,
2008 – Present
A Company – Managing Partner
Consultant to mortgage industry, warehouse reviews, put-back reviews,
operational reviews, capital market evaluations and expert witness.
2007 – 2008
A Corp – President
Manage mortgage origination unit for this subsidiary of Franklin
Credit Management Corp.
Successfully integrated the NYMC division into the Company and introduced the
Tribeca product line to the NYMC production unit.
Increased volume levels while simultaneously tightening underwriting guidelines
to conform to industry standards.
Enhanced the Parent Company’s procedures for reviewing loans for potential put
backs to sellers and drafted hundreds of legal summaries in this effort.
Met with several members of Congress to discuss pending legislation and to
promote Tribeca’s Liberty Mortgage Product
2005 – 2007
The New York Mortgage Company – President, Wholesale Division
To start up Wholesale Channel for this REIT owned Mortgage Company.
Negotiated and consummated the sale
of the division to Tribeca Lending Corp. at book value.
Implemented a strategy of creating an inside only wholesale sales force and
increased closing volumes every month until the Company started to explore
selling or liquidating its origination units.Worked with Marketing Director to
develop a complete marketing plan and authored several articles that promote
NYMC Wholesale in Trade Publications.
Consistently closed $40million a month and achieving profitability of $50,000
to $75,000 a month.
2004 – 2005
Lehman Brothers – Managing Director
Director of Wholesale Development – Aurora Loan Services
To assist Aurora Sales Manager in growing the wholesale channel.
Developed new inside sales force to activate dormant accounts and cover
accounts where the Outside Account Executive had left the Company.
In a six
month period this unit achieved a volume level of $50million per month.
Developed new customer service function that served as inside sales support for
Coordinated and standardized all recruiting efforts for
outside Account Executives that led to the targeting and hiring of higher
Served as main liaison for Lehman Brothers in merging SIB employees into Aurora
after the acquisition.
Served on Aurora’s Senior Management
1997 – 2004
SIB Mortgage Corp. – President and CEO
Manage Company with over 2500 employees that achieved levels of
$20billion of annual production and rose to become the sixth largest Alt-A
lender based on MBA league tables.
Also served on the parent company’s
Executive Management Committee and Asset/Liability Committee
Hired as CEO of a small sub-prime lender, Ivy Mortgage that at the time was
closing $20million a month and grew the production to a $20billion annual pace
and ranked as the 20th largest mortgage lender.
Assisted the owners of Ivy
Mortgage in the sale of the company to SI Bank & Trust.
Increased book value from $2million to $100million in six years.
Managed warehouse lines totaling $3billion with three separate lenders and an
early funding line with two separate investors.
Achieved profitability of $41million
in 2002, $100million in 2003 and $24million for the first nine months of 2004.
Serves as lead liaison with outside
counsel on any lawsuit involving the Company. SIB was able to obtain dismissals
of two major class action suits during my tenure.
Served as SI Bank & Trust’s
liaison with the OTS regulators. Achieved high marks in both safety and
soundness and compliance (includes fair lending) reviews.
Served on committee to select a new internal auditor for SI Bank & Trust
after demise of Peat Marwick.
Participated in all conference calls, investor presentations and individual
meetings with stock analyst.
Served as main contact with the investment bankers and potential investors
during the marketing of
SIB Mortgage. Met with 15 different potential acquirers
and ultimately sold the company to ten
different investors the largest being
Lehman Brothers who acquired the Wholesale Channel.
1994 – 1997
Eastern Mortgage Services, Inc. – President and CEO
Manager a Nationwide Mortgage Company with over 500
employees, $2billion of annual production and a $1.6billiion servicing
Also served on the parent’s Executive Management Committee and
Major Accomplishments: Assumed CEO position of an unprofitable mortgage
company with declining production. Achieved the following:
Created value in excess of $90,000,000 by diversifying product lines and
expanding retail, wholesale and nonconforming (B, C) networks.
Returned company to profitability
within the third month by downsizing workforce by 33%.
without loss of a major production center.
Increased closing volumes to a level
of $200million per month by selectively expanding the retail production
network, introducing a new wholesale center in Jacksonville and greatly
expanding the sub-prime originations.
EMS was the 4th fastest growing
mortgage company in 1996 and achieved a ranking of being the 25th largest
retail originator and 42nd overall originator.
Started nonconforming lending
division in 1994. Volume levels exceeded $40million per month and were sourced
through three channels of distribution; retail; wholesale and consumer direct
marketing. All loans were sold serviced released without recourse.
Obtained passing grades on several
Federal Reserve audits of mortgage operation including a safety and soundness
exam and compliance exam.
Upgraded mortgage delivery information system with no major capital
expenditures and successfully incorporated “Loan Prospector”
artificial intelligence system and “Smart Works” laptop software into
origination process. EMS’s internet site was selected to be in the top
ten of mortgage websites by “Mortgage Banker” magazine and was the
subject of a feature article.
Served as EMS chairperson for integration of EMS into Dauphin.
Member of FNMA Northeast Regional Advisory Board.
1992 – 1994
Anchor Mortgage Services, Inc. – First Senior Vice President, Secondary Market
Manage all Capital Market and Secondary Activities for the Mortgage
Reduced G &A expenses for the department by 25% while increasing volume by
Hedged entire mortgage serving
rights asset utilizing derivatives. Purchased over $2billion of mortgage
Served as mortgage team leader on (2) acquisitions.
mortgage due diligence from a credit and interest rate risk standpoint.
Increased wholesale production from $25million a month to over $100million a
month within six months of taking over the wholesale unit.
Invited speaker at many national and regional conferences and
1990 – 1992
Prudential Securities, Inc. – Vice President, Senior Nonconforming Mortgage
In charge of Whole Loan Commercial and Residential Trading,
Senior Advisor to RTC on liquidation of residential portfolio and assist
investment bankers in valuing mortgage related companies for mergers and
Advised RTC on securitization of $10billion of mortgage securities.
Assisted investment banking group in
acquisition of Empire Realty Credit Corporation by Cargill Associates and
Annual trading volumes exceeded
$5billion and annual cost center profits exceeded $10million.
Assisted financial products group with various securitizations of first and
1985 – 1990
Home Owners Savings Bank – Director of Capital Markets
June 1980 – June 1985
Investors Savings Bank – Director of Secondary Markets
June 1978 – June 1980
Citizens Home Insurance – Manager of Investment Department
University of Richmond
Bachelor of Science in Business Administration, Concentration in Finance
Virginia Commonwealth University
Continuing Education Courses in Real Estate