LoanMarket.net, Irvine, Calif., has hired Jeff Haar, a former executive in charge of correspondent lending at Saxon Mortgage, a nonprime lender based in Virginia.
Late last week Jeff Freud, a partner in LoanMarket.net, said he had hired Haar, but could not be reached for follow-up comment.
LoanMarket.net operates an online bulletin board for sellers of nonperforming, and subperforming mortgages. Among its clients are vulture/opportunity funds such as PennyMac Mortgage Investment Trust, and Kondaur Capital, both of which are based in Southern Calif.
The company offers both residential and commercial mortgages for its clients. There has been talk in the industry of LoanMarket eventually becoming a mortgage lender too, but that has not happened at this point.
Saxon halted subprime production a few years back. Owned by Morgan Stanley, it continues to service a subprime legacy portfolio of about $19 billion, according to the Quarterly Data Report.
