BOK Financial Hires New Mortgage Chief

BOK Financial has hired Glenn Brunker to oversee mortgage operations and manage the bank's transition to a new federally required consolidated mortgage disclosure regime.

The Tulsa, Okla.-based bank is in the final stages of implementing a new lending platform that is compliant with the Truth in Lending Act and Real Estate Settlement Procedures Act integrated disclosures. Compliance with the new disclosure regime, known as TRID, is required by Oct. 3.

"We are well prepared," Brunker said in an interview. "The new loan platform is TRID compliant. So that eases my concern a bit."

Brunker succeeds Ben Cowen, who stepped down as president of the BOKF mortgage group earlier this year. Brunker previously served in an executive leadership role at the mortgage banking unit of Fifth Third Bancorp in Cincinnati.

At BOKF, Brunker will be in charge of the company's retail, consumer direct and correspondent mortgage lending channels.

"One of the reasons why I joined the organization is we already had a very strong track record of growth in all three channels," he said.

The BOKF mortgage group originated $1.6 billion in single-family loans in the first quarter and 56% of the loans were refinancings.

Going forward, Brunker said he expects purchase mortgages to take a bigger share of the market.

"We have to make sure we are disciplined in our approach and disciplined in our pricing and keep our costs low because margins are going to thin," Brunker said.

He said one of the reasons nonbanks are gaining market share is because they have lower costs. "We have to lower our expense to effectively compete and we will do so," he said.

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Career moves Correspondent Consumer direct Law and regulation Consumer lending Originations Compliance
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