Home Real Estate NAF hires scores of former AmCap mortgage execs 

NAF hires scores of former AmCap mortgage execs 


About 65 mortgage professionals haven’t transitioned from AmCap Residence Loans to its acquirer, CrossCountry Mortgage (CCM), and rival New American Funding (NAF) has employed the AmCap personnel to increase its enterprise in Texas, the lender introduced final week.

Trade veteran Tom Boyd grew to become a divisional government vp at NAF in December after spending greater than 10 years at AmCap, the place his prior job was as division president. He was adopted within the transition by Russell Calvert, who has a regional vp place at NAF, together with 65 different mortgage professionals coming from AmCap.

HousingWire reported in early January that CCM acquired AmCap to bolster its operations in Texas. Phrases of the acquisition, together with monetary info, weren’t disclosed.    

In December, the Nationwide Multistate Licensing System (NMLS) confirmed that AmCap had greater than 400 sponsored mortgage officers, in comparison with greater than 4,000 at CCM. As of March 20, AmCap had solely seven sponsored LOs, resulting from most having already transitioned to CCM or different corporations. CCM had 4,302 in whole, per NMLS.  

A spokesperson at CCM declined to remark.

“I moved our group to NAF to take over the Texas/New Mexico Division, reporting to Pat Bolan,” Boyd mentioned in an emailed response to HousingWire, referring to NAF’s chief manufacturing officer. 

“Our Texas Premier group consists of roughly 50 originators in Houston, Austin, and San Antonio. We even have one other 15 LOAs, processors, and so forth., on the group. The latest group of hires displays a wide range of roles and meets the wants of our purchasers,” Boyd mentioned. 

NAF mentioned that its Texas division additionally added 65 mortgage professionals coming from different lenders, totaling 130 new workers.

In accordance with Boyd, the transition was motivated by his “aspirations for development and making an affect,” together with the potential for providing options for aspiring homebuyers, corresponding to NAF Money. The product, supplied by means of an affiliated NAF firm, permits homebuyers to make money affords, which makes them extra aggressive amid low stock ranges.

The brand new group in Texas is a part of a number of additions to NAF, which just lately acquired Draper and Kramer Mortgage Corp. (DKMC) and expanded its operations in Texas, Florida and the Northeast. The brand new members “have generated greater than $2.7 billion in mortgage manufacturing over the previous 14 months,” the corporate mentioned in a information launch. 

In accordance with Inside Mortgage Finance, NAF was the thirty first largest U.S. mortgage lender on the finish of 2023. The corporate originated practically $9.6 billion in 2023, down 34.5% in comparison with the earlier 12 months.

In February, California-based NAF tapped Mosi Gatling as senior vp of strategic development and growth, a newly created function on its management group. 

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