Wednesday, February 22, 2006

MortgageIT: Bulking up wholesale team

New York-based MortgageIT, Inc.’s Wholesale Lending Division has added a new regional manager to its team. Jim Ford of Marietta, Ga., a 20-year mortgage banking veteran, is the company's new southeast regional manager.

Ford, who will be based in the division’s Atlanta, Ga., office, will be responsible for increasing the company’s market share and earnings in the region.

Ford joins MortgageIT from Wells Fargo Home Mortgage in Atlanta, Ga., where he served as mortgage wholesale branch manager. In that position, he was responsible for the production and operations of the company’s brokers in three states. Prior to that, Ford was employed as first vice president and area operations manager for Long Beach Mortgage (a division of Washington Mutual) and as a regional vice president for seven years for Countrywide Financial Corporation, both based in Atlanta.

The company also hired Bill Waguespack of Atlanta, Ga., as southeast regional operations manager. Bill was an assistant vice president/divisional production analyst for Countrywide Wholesale Lending for six years. He was instrumental in supporting Countrywide’s growth in its then 20-state Eastern Division. Prior to that, Bill was a senior financial analyst for Primerica, a Citigroup division.

Smaller but aggressive firms are finding this a good time to pick up seasoned professionals as the larger banks trim back on their workforces in the face of dropping mortgage loan volumes. At the same time, executives inside larger mortgage lenders are faced with settling in for the long, cold winter after the refi-boom or moving to smaller more aggressive companies that will reward them for building out their wholesale networks. Falling volumes may mean leaner times ahead, but they won't necessarily be less exciting.

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