Wolters, president and CEO of Grand Bank. The closing of the transaction is subject to regulatory approvals as well as other customary closing conditions, and is expected to close in the fourth quarter of 2012 or the first quarter of 2013. “We are excited to have this opportunity, as ICON’s business is a good complement to Rushmore’s existing mortgage business,” said Terry Smith, CEO of Rushmore. “We will be working closely with ICON’s management team to ensure a seamless transition for customers and employees.” Grand Bank also announced that it has appointed Andrew Pollock as CEO of ICON effective immediately, a position that was previously unfilled. Pollock was previously the president and chief administrative officer of First California Mortgage Company, responsible for the successful turnaround and expansion of the organization. He was also the president and CEO of First Franklin, a Merrill Lynch subsidiary. Pollock has extensive experience in mortgage banking, wholesale mortgage originations, mergers and acquisitions, and leading quick growth initiatives. “There is significant untapped potential at ICON, and I look forward to working closely with the existing management team to add value, expand the business, and close the transaction with the Rushmore management team,” said Pollock.
First Guaranty Mortgage Partners With Coester VMS on Appraisal Services First Guaranty Mortgage Corporation (FGMC) has announced that it will centralize its appraisal and valuation operations under the guidance of Rockville, Md.-based Coester Vendor Management Services (Coester VMS). FGMC is a national, full-service mortgage lending firm offering retail, wholesale, correspondent and capital markets mortgage solutions to clients of varying income and credit types. Under the agreement, FGMC will use the national appraisal management company to manage and operate its appraisal services in all of its channels. Coester VMS will work with FGMC
to establish uniform and efficient processes in those channels, and will coordinate by way of centralized software. The system also includes extensive quality control monitoring mechanisms. Coester VMS is licensed in all states requiring appraisal licensing, and has a presence in all 50 states. “Working with Coester VMS will allow us to improve the speed, efficiency and quality of our valuation services,” said FGMC Chief Executive Officer Andrew Peters. “More importantly, the software platform used by Coester will bolster our compliance efforts.” Coester VMS CEO Brian Coester praised FGMC for its willingness to invest in the centralization. “We’ve seen time and time again that a lender willing to put the invest-
ment into its appraisal system reaps an excellent return and sees significant improvement,” said Coester.
Ocwen to Acquire Mortgage Servicer Homeward Residential Holdings Ocwen Financial Corporation and WL Ross & Company LLC have entered into an agreement where Ocwen will acquire Homeward Residential Holdings Inc., including its various residential mortgage loan servicing and origination operating subsidiaries, for approximately $588 million in cash and $162 million in Ocwen continued on page 10
Secure Settlements Forms Strategic Alliance With Capital Markets Cooperative 7
NationalMortgageProfessional.com
CALIFORNIA MORTGAGE PROFESSIONAL MAGAZINE NOVEMBER 2012
Capital Markets Cooperative (CMC) has announced a strategic alliance with Secure Settlements Inc., an independent evaluation and risk management firm based in Northern New Jersey. Under the agreement, Secure Settlements will offer CMC members its third-party closing agent risk management program under special terms for them and their agents. “We’re excited to have Secure Settlements as a Cooperative partner,” said Tom Millon, president and CEO of Capital Markets Cooperative. “With the CFPB and other regulators expecting more proactive third party vendor management, partnering with Secure Settlements will give our members comfort knowing they will be relying on a trusted source for the complete data needed to make intelligent choices about closing agents—before a wire is sent.” “A mortgage transaction is typically the single largest financial endeavor an individual will ever undertake. Secure Settlements wants to limit the potential for fraud and negligence during these transactions by compiling information that enables lenders and consumers to make informed decisions regarding their partners at the closing table,” said Andrew Liput, president and CEO of Secure Settlements Inc. “CMC members will benefit from this partnership because Secure Settlements’ program allows them to outsource closing agent vetting and monitoring while gaining access to the company’s data base of cleared agents and its 45,000 person watch list, the most comprehensive in the industry.”