The chief executive officer of Lenders One Mortgage Cooperative has left. His replacement spent time at CitiMortgage Inc. and two other firms that are no longer originating new business.
Scott Stern co-founded Lenders One in 2000.
More than a decade later, the St. Louis-based company says that annual originations by its more than 220 members exceed $106 billion.
But Stern has resigned to pursue other entrepreneurial opportunities, a news release Wednesday from Lenders One said.
“I am leaving and plan to launch something new and exciting in the near future,” Stern said in a statement to Mortgage Daily. “I am not sure where that will lead me, but I am going to take some time off to explore.”
Taking the reins from Stern is Jeffrey R. McGuiness.
“After a thorough search, McGuiness was selected based on his comprehensive industry experience and demonstrated leadership skills,” the announcement said.
Among McGuiness’ prior employers are CitiMortgage, where he spent seven years. Several titles held by McGuiness during his Citi tenure include managing director of correspondent lending.
He also worked as executive vice president of direct-to-consumer lending at American Home Mortgage Corp., which failed in August 2007.
Most recently, McGuiness was executive vice president of consumer banking and originations at Aurora Bank FSB. The St. Louis-based bank, which is in the process of selling a $63 billion mortgage servicing to Nationstar Mortgage LLC, recently notified its correspondent clients that it has decided to close its residential lending unit.
