Lenders and mortgage technology companies have cut costs in a bear market, but some companies have hired new executives who they hope will provide better strategies for navigating the declining loan origination market.
Currency Mortgage, a national mortgage brokerage franchise, and wemlo, a mortgage processing solution with an all-in-one digital platform, this week brought on Chris Erickson as vice president of product and strategy for both brands. Mortgage lender and manager Planet Home Lending also named Kathryn Edelen this week as regional vice president of its sales division.
Erickson will be responsible for product management, sourcing and advancing technology solutions and overseeing the training department and support teams for Motto Mortgage and wemlo. For the Motto brand, Erickson will focus on streamlining the product ecosystem for franchisees. For wemlo, his main objective is to improve the existing loan processing platform in order to improve the user experience.
“His extensive industry experience has allowed him to learn the challenges that creators and consumers face in the home buying experience and he will work to develop solutions that improve and streamline the process for our franchisees and our customers,” said Ward Morrison, President and CEO. at Currency allowance well.
Erickson brings nearly two decades of experience to his new role. His previous positions include Vice President of Product Management at Guaranteed raterental solutions product manager at CoreLogic and Assistant Vice President and Chief Product Officer for Mr Cooper.
Real estate firm RE/MAX acquired Motto Mortgage in 2016 to create a “one-stop shop” where homebuyers can work with both a realtor to find a home and a Motto Mortgage loan originator to secure financing, according to RE/MAX. RE/MAX and Motto were struggling to hire experienced processors, so about four years ago they bought wemlo, which has a platform connecting mortgage brokers and loan originators to a processing network .
Kathryn Edelen, who will manage the Eastern US for Planet Home Lending, will focus on increasing market share by adding branches and loan originators.
Edelen was until recently Regional Sales Manager at Nation Loans. She was also vice-president of loanDeposit and regional director for Homebridge Financial Services. She started her business over three decades ago and built her career as a mortgage originator processing $100 million a year, before becoming a branch manager.
“As the market tightens, it is important to educate and equip teams with knowledge and products that improve efficiency and support market growth,” Edelen said in a statement.
Planet recently introduced a new team in Portland, Oregon that will focus on borrowers looking to work with home builders. The company plans to open other offices in the state, including in Salem, Eugene and Medford, Planet representatives said last month.
Floify, a subsidiary of porch group provider of point-of-sale (POS) tools and solutions for lending, has named Sofia Rossato as President and CEO and Dan Goldman as Vice President of Sales.
Rossato will focus on improving Floify’s operations, growth and performance. Goldman will be responsible for Floify’s sales development strategies.
Before joining Planet, Rossato was CEO of the chat platform SnapEngage and general manager of the information division of Note it. Goldman has held senior positions at companies such as First Integrity Mortgage Services, Lenders A mortgage cooperative and Pacific Union Financial.
Seattle-based proptech company Porch Group acquired Floify for $90 million in October 2021 in a deal in which Porch paid $76.5 million in cash and $10 million in stock ordinary.
At the time of the acquisition, Porch said the Floify brand would remain intact and its 47 employees would not have to relocate. Floify’s software, which streamlines the loan origination process by enabling document sharing communication between loan officers and real estate agents, helped close more than 77,000 mortgage applications each month in 2021, depending on the company.