Sunday, June 13, 2010

Mortgage Banking Solutions Hires Paul Peters

Mortgage Banking Solutions, Austin, a management advisory firm to the residential mortgage finance industry, has hired Paul M. Peters, a long-time mortgage banker, as Senior Mortgage Consultant. Peters will concentrate his national practice primarily on bank and credit union-owned mortgage operations.

Peters has extensive experience in all areas of bank and credit union-owned mortgage operations, having over 34 years of hands-on mortgage banking leadership experience. Most notably, Peters served as President of Hibernia Bank’s Mortgage Division (Hibernia was acquired by Capital One Bank in 2006) for over 12 years and continued as President of Capital One Mortgage, N.A. for two years after the merger.

During his career at Hibernia/Capital One, the mortgage operation was nationally recognized as a top producer of retail and correspondent loan production, with 2004 volume exceeding $7.5 billion.

“We are delighted to have Paul bridge the gap between FDIC banks and mortgage lending,” said Dave Lykken, managing partner with MBS.

Lykken pointed out that Peters understands the challenges and opportunities of bank-owned mortgage operations with regard to profit contribution, regulatory compliance issues, mortgage-specific risk mitigation, cross-selling of other profitable bank products and customer service/retention that are specific to a bank or credit union.

“The mortgage division of a bank should be complementary to all the other bank divisions and, through consistently good customer service and well thought-out cross-sell policy, the closing of the mortgage loan for a satisfied customer should serve as an excellent entrĂ©e for cross-sells of several other valuable bank products,” Peters said.

In the past, the mortgage industry's inability to follow through on this promise has contributed to its abysmally low customer service ratings. It will be interesting to see if Peters can bring this vision to fruition for his new company's clients.

Peters holds a Bachelor’s Degree in Finance and earned the Certified Mortgage Banker (CMB) designation in 1991, the highest professional designation awarded by the Mortgage Bankers Association of America.

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