FirstCity Financial Chief Resigns

Richard Gillen, president and CEO of one of the nation's largest residential mortgage originators, FirstCity Financial Mortgage Corp., has resigned.No reason was given for Mr. Gillen's sudden departure. However, he will continue to serve on the company's board of directors. Rick Hagelstein, currently executive vice president and director of subsidiary operations, has been named as Mr. Gillen's replacement. Previously, Mr. Gillen served as president and CEO of Harbor Financial, Houston, which he helped found in 1983. Harbor merged with FCFM in July 1997. Shortly after the merger, Mr. Gillen rose to the position of president and CEO of FirstCity and held the position until his recent retirement announcement. Data compiled in the 1999 Mortgage Industry Directory show that FirstCity Financial originated $3.5 billion in single-family, residential product last year, ranking 50th overall in the nation. The Houston-based lender was servicing $4.3 billion in residential mortgages at year-end 1997, according to the MID. FirstCity is also one of the nation's top subservicers. The company's subservicing volume totaled $707 million as of Dec. 31. In addition, FirstCity owns Hamilton Carter, Beverly Hills, Calif., a servicing brokerage firm.