LenderLive Network Inc., a domestic-based end-to-end mortgage services provider, added Mark Hughes as senior vice president of Review Services, leading the company’s due diligence and loan review business.
In this newly created position, Hughes will be responsible for growing LenderLive’s position as a third-party review (TPR) firm and expanding its offering to investors, banks, mortgage companies and credit unions. He will report directly to Rick Seehausen, chief executive officer of LenderLive, and will be based in New York City.
“New regulations, such as QM and the coming QRM standard, as well as trends like the shift in MSR ownership are creating a new demand for loan review services,” Seehausen said. “Ironically, this is occurring at a time when there is unprecedented turmoil and consolidation in the due diligence industry. Adding a leader with Mark’s experience and reputation will benefit our clients and send a message to the market that LenderLive is fully committed to the due diligence business.”
Prior to joining LenderLive, Hughes built the Due Diligence Solutions Group at CoreLogic, which he ran for more than five years. Earlier, he was president and chief operation officer of the Bohan Group, a leading due diligence firm. He began his career at Salomon Brothers (now Citigroup).
“As large banks rethink their mortgage strategies, smaller banks and new entrants are seeing new opportunities in correspondent lending, MSRs and servicing,” Hughes said. “But often these new participants lack the infrastructure to review portfolios and the loans backing various deals. LenderLive is an excellent partner for these new players, as well as for larger institutions looking for strong TPR providers.”