Charbonneau Leaves CKI Brokerage
After 20 years of selling servicing portfolios and mortgage franchises, Larry Charbonneau is hanging up his investment banking spurs - to run a mortgage company.
"It was a great run and I learned a lot, but I decided to do something different," said the founder of Charbonneau-Klein Inc. of Houston.
Mr. Charbonneau was recently named president and chief executive of McAfee Mortgage, Lubbock, Texas, a subsidiary of the Texas-based Plains Capital Bank.
Mr. Charbonneau said he didn't see the job offer coming but when an old friend of his, Carl Odom, wanted to retire as president and CEO of McAfee, he decided to make a mini-career change.
Mr. Odom, he said, tried to step down, but executives at McAfee's bank parent "ripped up his letter of resignation." Mr. Odom then appealed to his long-time friend to join McAfee and leave the servicing brokerage world behind. Mr. Odom remains as chairman of the mortgage company.
Ironically, at CKI, Mr. Charbonneau sold McAfee Mortgage not once but twice. And interestingly, even though Mr. Charbonneau has made a nice career out of servicing valuations, McAfee doesn't service loans and has no immediate plans to do so.
McAfee sells its whole loans to Countrywide Financial, Wells Fargo and other investors.
Since joining McAfee, Mr. Charbonneau has been quite busy. "It's been like a fire drill since I got here," he said.
Not too long ago, McAfee bought Home Mortgage Inc. of Phoenix, which has 16 offices in 12 states.
McAfee also has changed its name slightly to Plains Capital McAfee Mortgage and Mr. Charbonneau has been dealing with "right sizing" the company in the wake of rising interest rates.
As for Charbonneau-Klein, the company he managed with his long-time partner, Chuck Klein, it continues on as CKI Financial. Mr. Charbonneau has no ownership ties to CKI, which is now an affiliate of Coastal Banc of Houston.
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