Chantilly, Virginia-headquartered mortgage financial institution Prosperity House Mortgage, a subsidiary of HomeServices of America, promoted Justin Messer to president and CEO on January 1, 2023. Messer succeeds Tim Wilson, who has been within the place since 2014.
Messer, who was the Prosperity COO for greater than three years, might be liable for main the lender to its “subsequent stage of progress and efficiency,” he mentioned in an announcement on Wednesday.
The brand new CEO is not any stranger to the position, as confirmed by his “strategic perception and imaginative and prescient,” Wilson mentioned — noting that Messer labored carefully with him for practically 10 years.
Messer has been with Prosperity since January 2011, working as SVP of capital markets and company technique earlier than a promotion to COO in 2019. Previous to Prosperity, the manager was a dealer at Quicken Loans (now referred to as Rocket Mortgage) for 5 years and brings with him practically 20 years of expertise within the business.
Wilson retired on the finish of 2022, however will proceed as chairman of the board, the corporate mentioned.
“Tim’s management helped information Prosperity to change into a nationwide mortgage financial institution, increasing its licensed footprint to 49 jurisdictions and constructing a variety of mortgage merchandise,” mentioned Gino Blefari, CEO of HomeServices of America.
Initially fashioned as a three way partnership between Lengthy & Foster Firms and Wells Fargo Ventures, Prosperity grew to become a completely owned subsidiary of Lengthy & Foster in 2014. Lengthy & Foster Firms is a subsidiary of HomeServices of America, a Berkshire Hathaway affiliate.
Prosperity’s gross sales quantity dropped to $10.2 billion prior to now 12 months from a manufacturing of $15.4 billion in 2021, in response to Modex. In flip, the lender lower operation prices by issuing pink slips to workers in October 2022.
The scale of the October layoff is unknown, however a spokesperson mentioned the financial institution was “compelled to make the troublesome determination to cut back its variety of workers” given at present’s increased fee setting.
The Virginia-based mortgage financial institution sponsors 679 mortgage originators and has 492 branches, in response to the NMLS. Inside Mortgage Finance pegs Prosperity because the forty first largest lender within the nation with a complete market share of 0.5% within the mortgage lending house.
Prosperity originated $10 billion in quantity within the first three quarters final 12 months, down 14.5% from the identical interval in 2021, in response to the IMF. About 81.7% of its complete gross sales quantity got here from buy mortgages, and refis accounted for 16.9%, knowledge from Modex confirmed.