People in the News
By MBA Insights Staff
May 13, 2019
Former MBA Chairman Marc Smith, CMB, Passes Away
Marc Champney Smith, CMB, former CEO of Crestar Mortgage/SunTrust Mortgage who served as Chairman of the Mortgage Bankers Association from 1998-1999, passed away on Apr. 6 following a long-term battle with leukemia. He was 72.
Mr. Smith was born in 1947 in Rochester, N.Y., graduating from The Harley School. He earned his bachelor's degree in economics from Baldwin-Wallace University and his MBA from the Kellogg School of Management at Northwestern University. He served in the U.S. Navy, reaching rank of Lieutenant and serving as financial controller of the Adak (Alaska) Naval Air Station.
Mr. Smith served in several executive roles with Crestar Mortgage, which became SunTrust Mortgage; in 1990 he became CEO of SunTrust Mortgage and held that position until his retirement in 1999.
During this period Mr. Smith became active with MBA, serving on numerous committees and boards and as an elected officer from 1995-1998, the last year as Chairman.
Following his retirement, Mr. Smith relocated to Steamboat Springs, Colo., where he worked with several nonprofits and as a volunteer teacher and coach in several school, ministry and sports organizations.
Mr. Smith is survived by Bonnie, his wife of 37 years; his children, Carter (Anne), Vivion Smith Sloan (Nate), Erica and Grant; his seven grandchildren, Champney, Alexander, Blake, Genevieve, Naomi, Mariah and Zachary; his siblings, Eric (Nancy), Lisa Smith Adams, Melanie Smith Shelton and Paul (Kim); as well as many nieces and nephews and their children.
A private burial took place last month in Melbourne, Fla.
CFPB Appoints Brian Johnson as Deputy Director; Announces Additions to Senior Leadership, Executive Teams
The Consumer Financial Protection Bureau appointed Brian Johnson as Deputy Director and announced a number of senior leadership and executive appointments.
Johnson first joined the Bureau in December 2017 as Senior Advisor to the Director and was named Principal Policy Director in April 2018. He has served as Acting Deputy Director since July 2018. He joined the Bureau from the House Financial Services Committee where he spent more than five years serving in various capacities including Senior Counsel, Chief Financial Institutions Counsel and Policy Director. Prior to joining the Committee, worked for the Attorney General of Ohio and the White House Domestic Policy Council.
Other leadership positions announced:
--Kate Fulton will serve as the Chief Operating Officer. She first joined the Bureau in 2013 as Senior Counsel in the Legal Division and later in the Office of Supervision, Enforcement and Fair Lending. In 2016, she was named Deputy Chief of Staff and Senior Counsel. Prior to joining the Bureau, she served as Attorney Advisor at the U.S. Customs and Border Protection and at a law firm representing federal employees in a wide array of employment matters.
--Yasaman Sutton will serve as Senior Advisor and Counselor to the Director. She continues her civil service career at CFPB with more than 14 years in the Executive Branch, where she provided advice and representation on legal matters affecting the Office of Management and Budget, the White House, the Department of Defense and the Department of Justice. She also worked at Bank of America in New York.
--Melissa Brand will serve as Director of the Office of Civil Rights. She has experience in federal sector equal employment opportunity, including nearly 10 years with the U.S. Equal Employment Opportunity Commission.
--Jim Rice will serve as Assistant Director of the Office of Servicemember Affairs. He has more than three decades of experience serving in the U.S. Army. He initially served as an enlisted medic, followed by enlisted and commissioned service with the Wisconsin Army National Guard in the Field Artillery. After ROTC, Jim served for more than 30 years in the Army Medical Service Corps as a Medical Evacuation officer. He later served as Director of the U.S. Army Wounded Warrior program and in his final military assignment, served as Chief of the Health Services Division for the Chairman of the Joint Chiefs of Staff.
FHFA Appoints Clinton Jones, Lynn Fisher, Matt Grinney as Senior Advisors
The Federal Housing Finance Agency announced Clinton Jones, Lynn Fisher and Matt Grinney joined the Agency. Jones has been named Senior Advisor for Legal Affairs and Policy; Fisher will serve as Senior Advisor for Economics; and Grinney will be a Senior Communications and Policy Advisor.
Jones comes to FHFA from Capitol Hill, where he served most recently as Senior Counsel and Staff Leader for Insurance and Housing with the House Financial Services Committee. He has extensive housing and legal experience including Capitol Hill, HUD and Fannie Mae.
Fisher joins the Agency from the American Enterprise Institute, where she is a Resident Scholar and Co-Director of the Housing Center. Prior to that, she was Vice President of Research and Economics at the Mortgage Bankers Association and served on the faculty of the University of North Carolina, the Massachusetts Institute of Technology and Washington State University.
Grinney has a Communications background that includes Capitol Hill and Executive Branch experience. Most recently he was Associate Director of Speechwriting for Vice President Mike Pence.
Ginnie Mae Announces Toky Lofinmakin as CFO; Greg Young as Director
Ginnie Mae, Washington, D.C., appointed Adetokunbo "Toky" Lofinmakin as Chief Financial Officer and Thomas "Greg" Young as Director of Counterparty Risk Management.
Lofinmakin has served as Acting CFO since January 2018. She oversees preparation of financial reports and manages all accounting operations for Ginnie Mae's mortgage-backed securities portfolio. She joined Ginnie Mae in 2015 as Controller.
Young is responsible for counterparty policy changes, approval of counterparties that enter into business relationships with Ginnie Mae, collaborative monitoring of counterparties, formulation of mitigants to counterparty risk presented and development or enhancement of analytical or process tools to improve the effectiveness of counterparty risk management activities. He has 24 years of experience with the Goldman Sachs Group, including as the Chief Risk Officer of the Goldman Sachs Bank USA, as well as Global Head of Credit in Goldman Sachs Group's Investment Management Division, Head of Credit Risk Management in Asia, and Head of Global Hedge Fund Counterparty Risk. He was made a Managing Director of Goldman Sachs in 2005.
Exceleras Hires Barry Owens as VP of Business Development
Exceleras, Glencoe, Ill, hired Barry Owens as Vice President of Business Development.
Owens has nearly 30 years of mortgage servicing and sales experience, including as
Default Servicing Operations Manager with Integra Mortgage; Collection Manager and Technology Help Desk Manager with Chase. He left the operations side of the business in 2003 and became a vendor specializing in sales for technology, REO outsourcing, title, valuations and property preservation. Most recently he served as Senior Vice President of Business Development for OrangeGrid and was Director of Sales for Dimont and Business Development Manager for SingleSource Property Solutions LLC.
Blue Water Financial Technologies Adds Joseph A. Grimes III to Advisory Board
Blue Water Financial Technologies LLC, Minneapolis, added welcomes Joseph A. Grimes III as a Senior Advisor to its Advisory Board.
Grimes, most recently Vice President of Third-Party Risk Management and MSR Financing for Fannie Mae's Single-Family Business, has more than 35 years in financial services spanning residential mortgage, premium finance, asset-based lending, export trade finance, securitization and specialty insurance.
MQMR Hires Jeff Christensen as Vice President of Sales
Mortgage Quality Management and Research LLC, Los Angeles, hired Jeff Christensen as Vice President of Sales, responsible for leading sales, driving new business opportunities and expanding awareness of the MQMR brand.
Christensen brings more than 10 years of mortgage compliance experience to MQMR, having served as both the Chief Financial Officer and CEO of Mortgage Compliance Advisors, of which he was a founding member in 2008.