Stearns Lending Inc., one of the nation’s largest wholesale funders, this week hired former Bank of America and MetLife executive Brian Hale as its new chief executive officer.
Hale will officially take the helm of the nation’s sixth largest wholesaler May 21. He also will serve on the firm’s board of directors. Stearns is based in Santa Ana, Calif.
Among all residential originators, the privately held firm ranks 23rd, according to figures compiled by National Mortgage News and the Quarterly Data Report. Stearns also originates through retail and correspondent means.
Hale’s last immediate position was at MetLife Home Loans where he served as president of national production. Insurance conglomerate MetLife Inc. is in the process of shuttering its entire residential finance operation and selling off its MSR portfolio.
A 35-year veteran of the industry, Hale also has worked for Countrywide Home Loans, Fleet Mortgage and Wells Fargo Home Loans.
“This is a time to take advantage of the tremendous opportunities in today’s mortgage industry,” Hale said in a statement. “I look forward to joining Stearns Lending with its solid reputation for quality through its various business channels and participating with all of the Stearns associates nationwide to achieve even greater success in the future.”