·A seasoned banker with over 25 years of experience and a proven track record of mitigating risk and developing profitable relationships over several industry cycles.
·Served as the National Chairman of the Risk Management Association’s (RMA) Warehouse Lenders Roundtable, the premiere forum for institutions providing liquidity to the residential mortgage industry.
Sovereign Bancorp, Boston, MA2004 – Present
Senior Vice President, Specialized Lending GroupLed the REIT/ Mortgage Finance Group with $1.0 BN in commitments with the mission of exiting non-strategic names and restructuring remaining core relationships by improving loan structures and maximizing the profitability of each facility.
·During 2009, exited $250MM of non-strategic commercial real estate REIT exposure resulting in no losses to the Bank.Restructured several facilities (totaling $135MM), improving loan structure and increasing pricing by an average of 200%.
·Through 2007, created and managed a +$2.0bn portfolio of residential mortgage warehouse and servicing secured facilities, which generated +$25MM of annual spread and fee income across a diversified portfolio of residential mortgage companies;
·Led the pre and post merger analysis and successful conversion of Independence Community Bank’s (ICB) $1.5bn small cap mortgage warehouse portfolio including the liquidation of over $38MM of severely aged mortgage collateral;
·Responsible for managing the team’s financials including budgeting, P&L and assessing each team member’s contribution;
·Cross sold various sub-debt and equity facilities for my clients, generating fee income for my team while incurring no credit risk or utilization of the Bank’s capital;
·Generated over $300MM of deposits and cross sold cash management services for key portfolio relationships;
·Key contributor to revitalize the Bank as a premier national mortgage warehouse lender.
Bank of America (Former Fleet National Bank) Boston, MA1995 – 2004
Managing Director, Financial Institutions Group
·Developed and led a Large CorporateBanking Team that provided $1.0 BN in commitments to over 40 companies across the Commercial Finance, Life Insurance and Mortgage Banking Industries;
·Responsible for authoring a white paper and credit procedures that included a risk rating matrix, which set forth minimum standards and underwriting guidelines to assess mortgage relationship risk and performance;
·Managed risk by building sound infrastructures including training credit analysts and building a solid collateral management operation;
·Managed the origination and underwriting of all new relationships for presentation and approval. Assessed the ongoing portfolio risk including the integrity of each relationship’s risk rating.Experienced in all facets of financial analysis including balance sheet, income statement and cash flows;
·Successfully managed the team through several business cycles;
·Personally managed several refinances and liquidations of distressed mortgage relationships.
Real Estate Group: Commercial Real Estate Lender1990 –1995
Managed a $100 million commercial real estate loan portfolio.
·Part of a team that restructured projects including capturing additional collateral and tightening loan terms to improve the Bank’s position;
·Developed underwriting skills including the analysis of leases and financial statements to assess cash flow and fall back capacity from project supporters;
·Determined property values by reviewing appraisals and performing discounted cash flow analysis on properties.
BancBoston Mortgage Corporation, Boston, MA1986 – 1990
Originated residential mortgages in excess of $50M per annum in the New England area.
City of Newton, Newton, MA1979 – 1986
Senior Finance Officer
Managed a $10M home improvement loan portfolio that resulted in the rehabilitation of over 500 homes.