Seven senior executives will be hired in 2024, including Dana Abernathy, who will expand the company’s services business, and Mike Iorio, who will be responsible for expanding homebuilder partnerships.
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Cornerstone Capital Bank has expanded its leadership team to support ambitious plans to grow its mortgage servicing business, provide more loans through homebuilders and build its commercial real estate portfolio.
Houston-based Cornerstone, formed from the 2022 merger of Cornerstone Home Lending and Roscoe State Bank, has hired seven senior executives this year.
Scott Almy
“By investing in talented leaders to enhance our existing top team, we are positioning Cornerstone for further growth and innovation across multiple lines of business,” Cornerstone President and CEO Scott Almy said in a statement.
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Dana Abernethy
Dana Abernathy joined Cornerstone in February as vice president of loan servicing business development, responsible for growing the company’s mortgage servicing business. Abernathy has worked in the mortgage industry for 35 years, holding leadership positions at Computershare Loan Services, National MI and PMI Mortgage Insurance Company.
Cornerstone announced in 2022 that it would bring mortgage servicing in-house. Lenders who service their own loans have detailed information about each borrower’s interest rate and loan balance in order to refinance homeowners or finance the purchase of a new home should the opportunity arise.
Mike Iorio
Mike Iorio, who joined Cornerstone in March as senior vice president of strategic partnerships, is leading the nationwide expansion of Cornerstone’s homebuilder partnership business. In more than 25 years in the banking and mortgage industry, Iorio has held senior executive positions at NewRez, Wells Fargo, CMG Financial, Citywide Home Loans and Stearns Lending
Patrick Ramsey
Patrick Ramsier joined Cornerstone this month as president of capital markets CRE to help build the bank’s commercial real estate portfolio. During his more than thirty-year career at CRE, Ramsier is credited with building commercial real estate platforms on the books at LegacyTexas Bank and Southside Bank, where he generated $7 billion in commitments and managed billions of dollars in investments combination.
“Cornerstone enters this market with little exposure to office, retail or multifamily CRE but has the capital, liquidity, systems and talent to take advantage of changing market conditions,” the company said in announcing Ramsier’s position.
The four other senior executives hired by Cornerstone this year are:
- Noah Elrod joined Cornerstone in April to lead the firm’s enterprise finance sales and consulting practice, which will launch in the fourth quarter of 2024.
- Cara Williams joined Cornerstone this month as chief compliance officer.
- Gina Darcy joined Cornerstone in March as managing director of project management and risk reporting.
- Thu-Lynn “TL” Nguyen joined Cornerstone in May as Vice President of Marketing.
When it celebrated its first anniversary last year, Cornerstone said it expected to originate more than $8 billion in mortgage loans and that its servicing business would reach record loan servicing levels.
A 2022 merger with Roscoe State Bank means the company’s loan officers become federal mortgage loan originators. Cornerstone Capital Bank employs 308 mortgage loan originators, according to records maintained by the National Multi-State Licensing System.
The company’s mortgage arm, doing business as Cornerstone Home Lending, is led by Chief Executive Adam Laird.
Almi said: “Backed by our fortress-like capital position, we have successfully launched or grown an industry-leading in-house mortgage servicing platform, new mortgage partnerships and mortgage portfolio programs, consumer digital deposits and commercial Loans. “We are excited to expand this growth into funds sales and services later this year. We see these achievements as a good step forward in realizing our unique opportunity and achieving our goal of serving more than one million homes, businesses and institutions across the country.” beginning.
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