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Local Edition S e c on da r y M a r k e t a na ly t ic s se r v ic i ng or ig i nat ion ORIGINATION Acting Deputy Director Appointed, Date Departs On Capitol Hill, the CFPB named Steve Antonakes to the leadership role while the bureau works to find a replacement for former deputy director Raj Date. District of Columbia // The Consumer Financial Protection Bureau (CFPB) announced Steve Antonakes will serve as acting deputy director while the agency continues searching for a replacement for departing deputy director Raj Date. CFPB announced in November 2012 that Date would depart at the end of January. Antonakes' background includes more than two decades as a financial services regulator. He began his professional career as an entry-level bank examiner with the Commonwealth of Massachusetts Division of Banks in 1990, serving in managerial positions before being appointed by successive governors to serve as the commissioner of banks from December 2003 to November 2010. In addition, he served as the first state voting member of the Federal Financial Institutions Examination Council (FFIEC), as the vice chairman of the Conference of State Bank Supervisors (CSBS), and as a founding member of the governing board of the Nationwide Mortgage Licensing System (NMLS). Antonakes first joined CFPB in November 2010 as the assistant director of large bank supervision and was named the associate director for supervision, enforcement, and fair lending in June 2012. As he assumes his temporary role, he will maintain responsibility for his current associate director duties. "We will be forever grateful to deputy director Raj Date for his tremendous work to protect American consumers," said CFPB Director Richard Cordray. "Although we will miss Raj, he has helped to build a strong, 56 | The M Report talented team and I am pleased that Steve will be taking on the role of acting deputy director. "Steve's knowledge, expertise, and judgment will continue to be invaluable as we move forward with our important work—making markets work for consumers and responsible businesses." the United Kingdom to fill what the company says is a gap in the U.K. market. A new team in London will serve both United Kingdombased clients and current U.S.based clients with operations in the U.K. "With the current void in capital providers in the U.K. Wells Fargo & Company recently announced plans to carry its commercial real estate division overseas to the United Kingdom experience in real estate investment trusts. Eastdil Secured, owned by Wells Fargo, will also offer "a full range of asset sale, debt placement, and advisory services" in the U.K., according to Wells Fargo. Mike Marino, former head of the Commercial Real Estate Institutional Metro Markets Group in Southern California, will lead the London group. He will be joined by Robert Maddox and Cullen Powell, who will head client development, underwriting, and loan production teams. Jimmy Gray, former head of the U.K. Commercial Real Estate division, will remain in London as the office's senior credit officer. "With the addition of these three seasoned senior leaders in London, we are well positioned for growth and anticipate an increase in lending volume in the U.K. this year," Fedalen said. Small Lenders Turn to MPF Program Seeking to compete with larger firms, a growing number of financial institutions are tapping into the federal Mortgage Partnership Finance Program. Illinois // The Mortgage Wells Fargo Opens CRE Office in London Designed to cater to both residents and U.S. clients with operations in the U.K., Wells Fargo's CRE division is on track for international expansion. United Kingdom // The top commercial real estate lender in the United States, Wells Fargo & Company, recently announced plans to carry its commercial real estate division overseas to commercial real estate market, we see a tremendous opportunity to support our clients doing business in the U.K. and to expand the delivery of these services to both U.S.- and U.K.-based real estate companies," said Chip Fedalen, head of the Commercial Real Estate Institutional and Metro Markets Group at Wells Fargo. The London team will offer various debt products, hospitality financings, portfolio acquisitions, and financings and will assist customers with its Partnership Finance (MPF) Program, originated in 1997 to assist small financial institutions in selling fixed-rate conforming loans to the secondary market, has experienced rapid growth during the last year. Both the number of financial institutions participating in the program and the number of loans funded through the program grew in 2012, according to a release from MPF. The roster of lenders relying on the MPF Program grew 15 percent in 2012. In loan volume, the program financed $14.33 billion in 2012, up from $6.99 billion in 2011.