NMP - July 2018 - 32

heard
street
on the

Our Heard on the Street column
is a chronicle of events, changes
and passages in the lives of the people
and companies shaping
the mortgage industry.

Angel Oak Commercial
Lending Acquires
Cherrywood Mortgage

JULY 2018 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

32

Angel Oak Commercial Lending
LLC has acquired a controlling
interest in Cherrywood Mortgage
LLC, a national small-balance
commercial mortgage lender
based in Los Diamond Bar, Calif.
Cherrywood specializes in loan
originations with balances of $5
million or less, typically on
stabilized or value-add properties
for all major commercial property
classes.
With this acquisition,
Cherrywood will become the
wholesale small-balance
commercial lending arm of Angel
Oak Commercial Lending, and
Chief Executive Officer Bill
Komperda and President Ed
Resendez will continue to lead
Cherrywood's operations.
"The experience that Bill, Ed
and the Cherrywood team
possess is unrivaled in the
commercial lending industry,"
said Ben Easterlin, Managing
Director of Angel Oak
Commercial Lending.
"Cherrywood has long been
regarded as a top firm in the
space with an extensive network
of brokers throughout the
country."
New American Funding
Recognized as a "Best
Workplace for Millennials"

For the second year in a row,
New American Funding has been
named one of the "Best
Workplaces for Millennials" by
Fortune and Great Place to Work.

The list was compiled of 100
companies, which included
healthcare, hospitality, retail and
technology industries.
The "Best Workplaces for
Millennials" ranking is based on
feedback from more than 389,000
employees at Great Place to Work-
certified Organizations. An
Anonymous Trust Index survey
assessed Millennial employees'
experience of their managers'
competence, respect and fairness
in the workplace, meaningful work
and other elements essential for an
outstanding workplace.
"We're honored Fortune and
Great Place to Work have
recognized New American
Funding as one of the Best
Workplaces for Millennials," said
Rick Arvielo, New American
Funding's Chief Executive Officer.
"The Millennial generation makes
up a significant segment of our
workforce and our employees
come first with us. Our focus
every day is to build a company
culture where employees feel
established, valued and
supported in growing their
careers. We truly care for our
employees like our own family."
Citizens Financial Buys
Franklin American Mortgage
for $511M

Citizens Financial Group Inc. has
announced an agreement to
acquire Franklin American
Mortgage Company for $511
million.
The combined mortgage

business will be led by Eric
Schuppenhauer, Citizens'
President of Home Mortgage,
while Scott Tansil, Chief Financial
Officer and Chief Operating
Officer of Franklin American
Mortgage, will lead the acquired
correspondent and wholesale
origination businesses from
Franklin American's headquarters
in Franklin, Tenn. Dan Crockett,
the Owner, President and Chief
Executive Officer of Franklin
American, will hold an advisory
role with Citizens Home
Mortgage, which is based in
Providence, R.I.
As of the of the first quarter,
Franklin American Mortgage had
approximately 900 employees
and managed a $41.4 billion
mortgage servicing portfolio and
generated approximately $13.7
billion in annualized originations,
of which nearly 100 percent was
conforming, according to the
company.
"This transaction takes our
mortgage business to the next
level, expanding our reach and
adding immediate scale in
servicing as well as innovative
correspondent and wholesale
solutions," said Brad Conner,
Citizens' Vice Chairman and
Head of Consumer Banking.
"Franklin American Mortgage's
strong history of excellence in
customer service is a great
cultural fit with our organization
and we are excited to welcome a
new group of colleagues to
Citizens."
"We view this transaction as
an opportunity to add scale and
capital to the outstanding
platform and customer-centric

culture that our employees have
created," said Crockett. "Citizens
shares our deep and enduring
focus on delivering for
customers, as well as our strong
commitment to colleagues and
communities, which Franklin
American Mortgage employees
have long embraced. Together,
we'll be able to increase our
positive impact on customers
and grow the business platforms
that are a great source of pride
for us."
DocMagic Partners With
MortgageHippo and
KeyStoneB2B

DocMagic and MortgageHippo
have announced a seamless
eSign integration between their
two platforms, enabling
MortgageHippo's lender
customers to provide borrowers
with the ability to electronically
sign documents at any stage of
the mortgage process.
eSignatures eliminate the time
constraints and accessibility
limitations of manual signatures,
thus providing lenders with a
faster mortgage process and
reduced origination costs. The
eSignature process that
MortgageHippo provides via
DocMagic is as legal and valid as
a manual process using printed
and wet signed documents.
"If lenders want to stay
competitive, they need the tools
to satisfy borrowers' growing
appetite for an easy and robust
digital experience," said Joe
Dahleen, Executive Vice
President and CSO at
MortgageHippo.
"MortgageHippo's integration
with DocMagic allows us to
provide those tools to lenders by


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Table of Contents for the Digital Edition of NMP - July 2018

Contents
NMP - July 2018 - Cover1
NMP - July 2018 - Cover2
NMP - July 2018 - 1
NMP - July 2018 - Contents
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