In what is shaping up to be a transformational year for the company, Sagent has restructured its leadership and launched the Dara platform to handle all stages of mortgage servicing.
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Loan servicing technology provider Sagent has appointed Jaime Gow as chief financial officer in the latest move during a year of transformation for the company.
Gow, who previously served as a senior executive with Mr. Cooper, Sagent’s largest customer, will help Sagent’s customers and prospects take advantage of the company’s new Dara mortgage servicing platform.
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Launched in February, Sagent claims Dara is the first platform capable of handling all stages of loan servicing, with the potential to reduce operating costs by up to 40%.
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“Sagent’s new Dara platform can reduce servicer operating costs across all mortgage servicing areas,” including boarding, cash processing, escrow, call center, loss mitigation and claims, Gow said in a statement. “An important part of my job is helping our customers and prospects find and maximize efficiencies within their own operations.”
Sagent acquired the rights to Mr. Cooper’s loan servicing platform for $250 million in 2022, which gave Mr. Cooper a minority stake in Sagent and two seats on its board of directors.
Since then, Sagent has been working on what the company calls a “multi-year strategic plan to build the future of mortgage servicing,” migrating the company’s platform to the cloud, building long-term relationships with top mortgage servicers and launching new Pull the platform.
Last year, Sagent hired Fannie Mae veteran Marianne Sullivan as chief operating officer and appointed former Wells Fargo executive Perry Hilzendeger ) serves as executive vice president of services.
To support its partnership with Mr. Cooper, Sagent announced in May 2023 the opening of an 18,367-square-foot factory in Chennai, India, employing more than 120 workers.
Sagent appointed Mr. Cooper’s vice chairman, Chris Marshall, as executive chairman in January, joining Mr. Cooper’s chief executive, Jay Bray, in Serve on Sagent’s Board of Directors in 2022.
Geno Paluso
Sargent’s changing of the guard culminated in February with the appointment of Geno Paluso, a former Navy SEAL and BAE Systems executive, to replace Dan Sogorka as CEO.
After retiring as a captain in the U.S. Navy in 2014, Paluso served as a cadet commander at the Citadel Military Academy and as vice president of business development for aerospace and technology company BAE Systems, where he was tasked with completing, launching and operating Sagent’s Dara platform.
Frank Bisignano, CEO of Sagent shareholder Fiserv, said in a statement at the time that Paluso “brings a record of strong operational discipline to Sagent as it enters the next phase of delivering its future mortgage servicing.”
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Mr. Cooper, who collects more than $1 trillion in mortgage loans, is Sagent’s largest client. But Sagent said customers using its platform to service more than $2 trillion in outstanding mortgage loan balances use the company’s configurable solutions to “attract borrowers and win customer loyalty, reduce servicing costs, and ensure compliance.” and increase the value of the entire service right”. complete market cycle. “
While some lenders sell the mortgage servicing rights for the loans they originate to companies like Cooper, others view their own loan servicing as the first opportunity to refinance borrowers when mortgage rates drop.
In March, Sagent announced a new seven-year partnership with independent mortgage bank CMG Financial. After acquiring the retail arm of Homebridge Financial Services in 2023, CMG decided to bring loan servicing in-house and hired Sagent to help it achieve its goal of “the best customer retention rate in the industry.”
The deal is a huge win for Sagent. In 2022, CMG and Homebridge originated $31 billion in mortgage loans. The loan officer provided the guarantee.
“Mortgage servicing is where lifelong customer relationships are managed and developed,” Paluso said at the time. “Sagent can’t wait to help CMG build better relationships with today’s homeowners and buyers.”
Sagent’s other clients who have signed or renewed multi-year agreements include American Savings Bank, BSI Financial, Central Bank, Click n’ Close, Digital Federal Credit Union and Synovus Bank.
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