May 20, 2024
Mortgage

Rick Roque departs CrossCountry Mortgage to join Sierra Pacific 


Industry veteran Rick Roque has resigned from his position as corporate vice president at retail mortgage lender CrossCountry Mortgage (CCM) to join multichannel player Sierra Pacific Mortgage as executive vice president of retail. 

The transition was announced on Monday afternoon during a session at The Gathering, HousingWire’s real estate and mortgage conference held in Scottsdale, Arizona.

Roque, who co-founded M&A and retail mortgage banking firm Menlo Co. in 2009, joined CCM in December 2022 as corporate vice president of production strategy and strategic partnerships. He was tasked with adding “value to the consumer in the homeownership experience“ while increasing sales volumes and revenues, he said.  

“CCM has created a top-performing sales culture that’s the envy of every mortgage company in the country. My interest is to be able to adopt that top-performing sales culture and to bring that over to Sierra Pacific,“ Roque said in an interview with HousingWire.  

A spokesperson for CCM said the company had no comments. 

Ohio-based CCM, which acquired Amcap Home Loans earlier this year, claims it originated $31.6 billion in loans in 2023. 

Sierra Pacific, headquartered in California and led by Jim Coffrini, delivered a production volume of $2.5 billion last year, according to Inside Mortgage Finance (IMF) estimates. Its owned servicing portfolio stood at $15 billion at the end of 2023, per IMF. 

Regarding its channels, Sierra Pacific has loans coming through its branches and its broker network, Roque said, but he will primarily focus on retail operations. 

“Sierra believes the future of mortgage includes both wholesale and retail. It’s not about ’brokers are better’ or ’retail is better,’“ Roque added. 

The company plans to grow via acquisitions of top-producing teams to establish a nationwide presence. These teams will have the opportunity to be an “anchor operation,“ Roque explained.

The lender is also seeking to acquire other companies, specifically targeting those that originate between $500 million and $2 billion a year, he said.

“Sierra is one of the most heavily capitalized companies in the country. It aims to aggressively grow retail, so a new heavyweight has entered the ring beyond the headlined mortgage companies,“ Roque said.  

According to the Nationwide Multistate Licensing System (NMLS), Sierra had 145 active loan officers and 50 branches as of Monday.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *