Samuel B. Morelli, CMB
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Samuel B. Morelli, CMB
MBA's Florida Ambassador
Sam Morelli, CMB, Executive Vice President and Chief Compliance Officer at PrimeSource Mortgage, is a business executive with more than 40 years of diversified banking and mortgage banking experience. Morelli has a proven history of leading companies to their ultimate success, and he has particular expertise in real estate finance. Morelli also holds the distinguished Certified Mortgage Banker (CMB) designation.
As a seasoned executive, Morelli is an experienced manager who has taken several businesses to the next level. He has been the President of both public and private companies of which he not only managed large numbers of employees but also implemented streamlined and cost savings operations and technological advances; accordingly, he has been recognized by industry organizations for his ability to direct significant compliance and regulatory changes within the industry and has worked directly with legislators and regulators with establishing sensible compliance procedures.
His management style is to understand all aspects of the business, such that he could run any area of the company day to day. However, he looks to his management team to fill that role so that he can focus on the strategic direction, growth (either organic or through acquisitions) and financial relationships necessary to ensure stability for the company.
Morelli was previously President and COO of a mortgage banking holding company licensed in forty-seven states, comprised of three major subsidiaries. He supervised the operation of between 250-450 retail offices and approximately 1,800 employees which produced mortgage loan originations of over $3.8 Billion in 2005.
In his current position with PrimeSource Mortgage, Morelli is responsible for various aspects of the company's residential mortgage operations, including all regulatory compliance management and implementation as well as advocating and facilitating the development, implementation, communication, and maintenance of its corporate-wide Compliance Risk Management (CRM) program. He is responsible for all facets of the line of business compliance program to ensure full compliance with state and federal laws, regulations, and rules.
Morelli is additionally an active member with many years service to the Mortgage Bankers Association, beginning at the local level and advancing to the national level. He has held various leadership positions including a number of committee chairs with both the MBA of Greater Philadelphia (GP) and the MBA of Pennsylvania (PA). More specifically, Morelli is a Past President of the MBA of GP, Past Chairman of the MBA of PA, and a past member of the Executive Committee of the Regional Conference of MBAs.
Further, Morelli recently completed his sixth term as a member of MBA's Residential Board of Governors (RESBOG) and recently completed serving his third term on MBA's Board of Directors, as well as two terms as MBA's Membership Chair. Morelli has further served on various MBA Task Forces dealing with a multitude of real estate finance industry issues, including the Qualified Mortgage-Ability to Repay, Licensing, Affordable Housing, Loan Originator Compensation, Future of the GSEs, Future of FHA, and the RESPA Ready Task Forces. In addition, Sam served two terms as the National Chair of the Mortgage Action Alliance, which is the premier nationwide, grassroots lobbying organization of the real estate finance industry dedicated to strengthening the power of the industry's voice in Washington, DC and state capitals; he also served three two-year terms as Vice Chair of MORPAC, the industry's political action committee.
On state regulatory issues, Morelli is a current member of the American Association of Residential Mortgage Regulators' (AARMR) Advisory Council. AARMR is an association dedicated to and comprised of mortgage finance regulators from all 50 States. Further, he was recently appointed to the NMLS Industry Advisory Council. Morelli continues to represent industry in all regulatory and compliance forums.
Throughout his career, Morelli has received many awards and recognitions for his contributions to the industry. In 2008, Sam was named the MBA of PA Mortgage Banker of the Year. Also in 2008, Sam was inducted into the National Mortgage Bankers Legion, an organization established in 1945 to recognize an individual's leadership and service to MBA. In 2009, he was also the recipient of the Burton C. Wood Legislative Award presented by MBA in recognition of his extensive work within the state and national legislative arenas; moreover, he was the recipient of the 2010 MORPAC Distinguished Service Award.
Along with his wife, Sheila, Morelli resides in Florida and Tennessee, and they have five children and three grandchildren.