David L. Solomon, Chief Executive Officer of DLSolomon, LLC, grew up in a suburb of Cleveland and attended the University of Nevada, Las Vegas (“UNLV”) where he graduated with a degree in Public Accounting. Mr. Solomon began work with Touche, Ross & Co. Los Angeles in September 1982, and in 1984, received his CPA certificate. He was soon selected to head up their business development in a new Woodland Hills, California office which at the time was the high tech area for Los Angeles.
In 1987, Mr. Solomon joined Carter, Smith & Co., a firm that was at the forefront of a new business involving the evaluation and trading of Mortgage Servicing Rights (“MSRs”). While at Carter, Smith & Co., which would become Hamilton, Carter, Smith & Co. (“HCS”), he was a senior manager in a group that would develop many of the stratification, evaluation, marketing, contracts and tax law related to MSRs that are still in use today. In 1991, HCS was one of two firms selected to advise the Resolution Trust Corporation (“RTC”) in its liquidation of MSRs and mortgage company subsidiaries of Savings and Loans.
In 1993, Mr. Solomon left HCS to become the President of The Mortgage Acquisition Corporation (“TMAC”). As President, he managed approximately 25 people focused on buying, selling and securitizing residential whole loans and participation interests. TMAC’s primary selling customer was the RTC, and many of the techniques used today for evaluating, buying and selling whole loans, including the forms of agreements, were developed during the time of the RTC. Three years later, Mr. Solomon formed his own investment bank which focused on providing residential and commercial whole loans to a few key buyers. At this time, he was first introduced to the manufactured housing whole loans and securities business.
In 2002, Mr. Solomon rejoined TMAC as President and he began working successfully with Bill Daugherty of WM Daugherty & Co. in a joint venture capacity. In November 2005, they decided to formalize the relationship and Mr. Solomon became President of WMD Capital Markets, LLC (“WMD Capital”). WMD Capital focused on residential and manufactured housing whole loans, asset-backed securities and residual interests. Mr. Solomon’s primary responsibilities were the development of new investment ideas and the generation of business opportunities for the different business segments. WMD Capital developed a reputation for creativity and closing highly technical, difficult transactions. In 2008, they developed the first Modification Agreement, which would later be copied and used by various government agencies and attorneys general.
In 2009, WMD Capital raised significant dollars to purchase Charged-off Second Lien residential mortgage loans (“COSLs”) and sold all of its COSL’s by the end of 2013. In 2010, WMD Asset Management, LLC (“WMD Asset”), established its flagship fund, The WMD US Mortgage Opportunities Fund, L.P., both on-shore and offshore. Since 2010, Mr. Solomon’s role has been to generate new opportunities for the flagship fund and their other funds.
In WMD Asset's Residential Whole Loan Group, Mr. Solomon generated the loan purchase opportunities, selected and approved the due diligence vendors, coordinated and reviewed the due diligence work, reviewed all agreements for business issues, negotiated buyer/seller issues, coordinated closing and funding activities and managed post closing activities, including selection of servicers, servicing transfers, resolution of breaches of purchase and sale agreements and fixing of collateral document exceptions. On the sale of loans, he solicited and generated new buyers for all types of loans and managed the entire loan sale and transfer process.