Solera National Bank, Lakewood, Colo., is starting its own residential mortgage division and has hired Kathleen Stout as executive vice president of the bank and president of the mortgage unit.
Stout and her team most recently worked for Residential Mortgage of Colorado LLC, a division of Universal Lending Corp., which she joined in 2011. Before that she was president of the residential mortgage division (which she started up) at Colorado Capital Bank.
The bank is adding five loan production offices in the same areas Residential Mortgage had its offices, including two in Colorado Springs, plus one each in Boulder, the Denver Tech Center and Durango. To staff those offices, Solera is adding more than 40 mortgage professionals.
The division will produce loans both for sale in the secondary market, as well as for retention on Solera’s balance sheet.
It is the rebound in the mortgage origination business that is driving Solera’s decision making in hiring Stout. Douglas Crichfield, Solera’s president and CEO, said, “We believe the mortgage industry continues to offer above-average growth rates and that the investment we are making will produce strong long-term results.”