TheMReport — News and strategies for the evolving mortgage marketplace.
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12 | M R EP O RT MCROWD LENDERS PATTY ARVIELO CHRISTY BUNCE New American Funding (NAF) has announced the promotion of Patty Arvielo to CEO and the promotion of COO Christy Bunce to the role of President. Arvielo founded New American Funding two decades ago with her husband, Rick, who also serves as CEO. The Arvielo's partner in leading New American Funding for nearly 15 years has been Bunce. Bunce joined New American Funding in 2008, initially serving as Operations Manager. Bunce's role at the company grew alongside the company itself. Bunce's experience and expertise in loan processing, underwriting, and funding served as a guide for the company's growth from its beginning as a California-based call center, to a nationwide lender. In 2012, Bunce was named COO, and since then, New American Funding has increased both its busi- ness and its workforce exponentially. When Bunce began at New American Funding, the company had zero retail footprint and dozens of employees. Now, the company has 170 nation- wide locations and more than 3,500 employees. "Christy Bunce has truly been invaluable to our company over the years," New American Funding Co- Founder and CEO Rick Arvielo said. "Christy has been instrumental in help- ing us build this company into the envy of the industry, which is why we're proud to have her step into this critical role at NAF. In her previous role as COO, Bunce managed the day-to-day operations of one of the nation's largest lenders. Bunce also oversaw the creation and expansion of New American's mort- gage servicing division. Over the course of her career at New American Funding, Bunce also pushed for the company to become a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer. Bunce now works closely with the GSEs and government on lending initiatives, specifically those for typically under- served communities, areas where New American Funding focuses its business and therefore has expertise in. In her new role as President, Bunce will continue to manage the com- pany's day-to-day operations, while using her expertise and experience to help shape the future of New American Funding as it expands into new lines of business, grows its suite of offerings, and further solidifies its position as an industry leader. MIKE CASS Nations Lending, a full-service national mortgage lender, has announced the opening of its newest branch in Minneapolis, Minnesota, to be led by Mike Cass who will serve as Area Sales Manager. In his new role, Cass will be responsible for the continued growth of Nations Lending, focused on adding new branch locations in communities throughout the upper Midwest. He will report to VP, Midwest Regional Manager Tim Dowling. Cass brings more than 30 years of mortgage industry experience, with expertise in operations, underwriting, finance, and sales. He's able to utilize his experiences to deliver homeown- ership to borrowers with the best programs, prices, and service. Prior to joining Nations, he served at Caliber Home Loans. "Nations has incredible company culture with an unmatched dedication to helping its lending team con- tinuously grow," Cass said. "I was impressed by the strong values of teamwork, professionalism, and integrity that are evident in all aspects of the company. I am excited to be a part of an organization that prioritizes employee growth and well-being, and I am confident this positive work envi- ronment will allow our region to thrive both professionally and personally." Dowling added, "Mike brings a wealth of experience, passion, and a clear vision to the table. His ability to connect with and motivate his team, coupled with his deep understanding of the industry, makes him the right candidate to lead our presence in the upper Midwest. I have no doubt that under his guidance, our company will continue to thrive and deliver excep- tional results." AARON DRAGO Deephaven Mortgage has announced that Aaron Drago has joined the company as COO. Drago is a seasoned financial services executive who has successfully improved the operations of many large lending institutions. Most recently, he served as COO for the Southeast and Mountain West divisions of Guaranteed Rate. "Aaron combines a depth of opera- This month, some of the industry's largest firms welcomed several new hires to expand their operations. Who's moving on and who's moving up in the industry tional experience with a focused and disciplined approach to process op- timization. This will serve Deephaven well as we scale operations to meet strong demand for our products," said John Keratsis, President and CEO of Deephaven. In his new role, Drago is responsible for the continuous optimization and performance of Deephaven's daily operations, focusing on the goals of driving long-term, sustainable growth and maximizing the satisfaction of Deephaven's wholesale customers and correspondent partners. "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," Drago said. "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." JAY FARNER BILL EMERSON Rocket Companies has announced that following a 27-year career at the company, CEO Jay Farner plans to retire from his position effective June 1, 2023. At that time, Bill Emerson, longtime Rocket executive and current Vice Chairman of Rock Holdings, will assume the role of CEO on an interim basis. Farner will begin transitioning his roles and responsibilities to Emerson to ensure a seamless transition on June 1. Farner has also decided to step down from his position on the Rocket Board of Directors, effective February 9, 2023, and Emerson has been appointed to the Board, effective im- mediately. Rocket's Board of Directors has begun its search for a permanent CEO, and has retained a leading firm to support its evaluation of internal and external candidates. "For nearly three decades, Jay has poured everything he has into making our organization successful," said Dan Gilbert, Founder and Chairman of Rocket Companies. "Since being appointed CEO of Rocket Mortgage in 2017, and subsequently CEO of Rocket