Paul Bognanno will succeed R.K. Arnold as interim CEO of MERSCORP, Reston, VA.
Arnold, who is retiring, joined the company at its inception and has been instrumental in the development of the MERS® System, a registry of ownership and other mortgage rights for more than half of all outstanding residential mortgages in the United States. MERS recently has taken some criticism during the “robo-signing” foreclosure scandal.
As the interim chief executive for MERSCORP, Bognanno will lead the transition and search process for a permanent president and CEO, and Arnold will serve in an advisory capacity to help facilitate the transition.
Bognanno most recently served as chairman of Radian Guaranty, Inc., Philadelphia. Prior to his service at Radian, Bognanno was president and CEO of Principal Residential Mortgage, chairman of Principal Bank, senior vice president of Principal Life Insurance Company and as a senior officer for CitiMortgage.
Arnold joined MERS Inc. in 1996 as senior vice president & general counsel, before being named president of MERSCORP, Inc. in 1998. Prior to joining MERS, Arnold was a corporate lawyer and an attorney in private practice, and he is a decorated Army Ranger.
