TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/134983
local edition SERVICING Aaron Samples brings special servicing knowledge to the company. Or ig i nat ion Stearns Lending Nabs Former Nationstar Exec "We're proud of the successes realized through our 25-day loan closing program, both in terms of meeting an obvious need within the market for expedited closings and pushing us to cut our processing times even further." — Ray Brousseau, Carrington Mortgage Services s e r v ic i ng CALIFORNIA // Stearns a na ly t ic s Carrington Mortgage Services Extends Program Company decides to provide more time for its 25-day loan closing initiative. CALIFORNIA // In Santa Ana, California, Carrington Mortgage Services, LLC, announced plans to extend its retail operation's 25day loan closing program. Under the program, Carrington commits to process any qualifying loan (from the time a file is submitted to underwriting to the time that it funds) within 25 calendar days, or the company will apply a closing cost credit of $500 to the loan once it closes. Initiated in February, the program is intended to cut closing times by nearly 50 percent compared to industry averages. Since the program was initiated earlier this year, Carrington reports seeing a marked increase in loan applications received: a month-over-month leap of 27 percent from February to March, contributing to a 28 percent combined monthly vault from January through the end of March. In addition, for the past two months, Carrington's retail lending division has closed most loans qualifying for the program within 15 days—well under the 25-day goal. "We're proud of the successes realized through our 25-day loan closing program, both in terms of meeting an obvious need within the market for expedited closings and pushing us to cut our processing times even further," said Ray Brousseau, EVP of Carrington Mortgage Services' Mortgage Lending Division. "By redefining the way we do business, challenging the industry norm, and striving for continuous improvement, Carrington is the go-to lender for borrowers and agents looking to close quality loans more quickly." Servicing Veteran Steps into COO Position at ZVN David Dolan brings decades of experience to new role at the end-toend loan company. OHIO // ZVN Properties, Inc., operating out of Ohio, welcomed David Dolan as COO. With nearly three decades of experience in all facets of banking, lending, and mortgage field servicing, Dolan has worked to transform both private and publicly held businesses through his leadership, industry knowledge, and consumer insight. Throughout his career, he has held multiple senior leadership positions focused on improving operation efficiency and revenue growth. Commenting on his new home, Dolan remarked on the evolution of the servicing industry and noted the possibilities for growth. The M Report | 55 se c on da r y m a r k e t Lending, Inc., a nationwide mortgage lending institution encompassing retail, wholesale, and correspondent business channels, announced the appointment of Aaron Samples as VP of strategic development. Samples comes to Stearns from Nationstar Mortgage special servicing, where he was responsible for the acquisition of mortgage servicing rights, subservicing residential loan portfolios, outsource portfolio refinancing, REO financing, and outsource loan originations. While at Nationstar, he held numerous sales management positions for the company's correspondent, outside sales, inside sales, and wholesale divisions. His latest position at the company was VP of business development. In addition, Samples has held management positions with RealManage, LLC, and CTX Mortgage. "Aaron is a welcome addition to the Stearns leadership team. His extensive knowledge of lending strategies, credit quality, risk analysis, and mortgage servicing will be vital to Stearns as we pursue new opportunities for growth of our mortgage servicing portfolio," said Stearns Lending CEO Brian S. Hale. "He also brings a proven track record of success in sourcing opportunities that will further the company's loan production capabilities across all three of our lending channels." "Stearns is very pleased to have Aaron Samples on our team as we continue to be the employer of choice for extraordinary talent," Hale added.