Fairbanks Hires HomEq Compliance Officer

Fairbanks Capital Corp. -- the subject of a Federal investigation into its servicing practices -- has hired Valorie Kacherian of HomEq Servicing, Sacramento, Calif., to serve as its chief compliance officer, MortgageWire has learned.Moreover, a spokeswoman for Fairbanks confirmed to MW that the company, up until a year ago, didn't have a compliance department. The spokeswoman noted that even though the servicer did not establish an official compliance department until the first quarter of 2002, "there were always compliance people working at the company. They worked under the legal department." Ms. Kacherian joined the company April 1 to head the non-depository's compliance effort. Fairbanks is based in Salt Lake City. (See National Mortgage News issue of April 14 for full details.)