Fannie Mae, Freddie Mac, Cenlar and Fairway show leadership

Following recent management changes, including the retirement of longtime CEO Greg Tornquist, Cenlar Mortgage Underwriter has made several additions to its default management operations and risk modeling teams. Cenlar offers loans in all 50 US states and territories. Default rates have approached levels early 2020according to several research organizations.

The new vice presidents joining the Ewing, NJ-based company’s defect management operations are Adam Saab, who takes the lead in early-stage defects; Adam Wood, the new Late Failure Manager; Jason Schmidt, appointed claims manager; and Jessica Sharp, new foreclosures manager.

Saab spent 14 years at CitiMortgage, where he most recently served as senior vice president of default operations, and previously worked at PNC Bank and LoanCare. In his new role, Saab will oversee all early stages of the default process, including loss mitigation. A former vice president of default operations at Mr. Cooper, Wood will handle bankruptcy, real estate preservation, claims, loss analysis and foreclosures. Wood has also held positions at Fannie Mae.

Schmidt will help manage claims, drawing on experience in bankruptcy and government claims and mortgage insurance after stints with Mr. Cooper and Ocwen. Sharp brings his expertise in foreclosure from his previous positions at Nationstar Mortgage (now known as Mr. Cooper), and more recently, Penny Macwhere she was Vice President of Default.

Ang Shen has also joined Cenlar as Vice President of Model Risk Management and will oversee a team ensuring compliance with company-wide regulatory and compliance guidelines. Shen previously served as an advisory director in KPMG’s Modeling and Valuation Group, helping to create and deliver validations for the firm’s financial industry clients. Earlier in his career, he also worked on mortgage appraisal for the Federal Home Loan Bank of Atlanta.

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