Metrocities Founder/CEO Stepping Down

Published December 07, 2007, 3:00 p.m. EST

1 Min Read

Metrocities Mortgage LLC, a mortgage lender based in Sherman Oaks, Calif., has announced that its founder and chief executive officer, Paul Wylie, will step down.Dick Loeffler, chief operating officer of Prospect Mortgage Co., will serve as interim CEO upon Mr. Wylie's departure, and executives Lynette Hale-Lee, Virginia Martinez, Anna Ruotolo, and Harry Tomlinson will collectively manage the sales organization, Metrocities said. Mr. Wylie founded Metrocities in 1989. The company said he was instrumental in arranging the strategic investment in Metrocities by Sterling Partners, a private equity fund based in Chicago and Baltimore, which recapitalized the company and gave a majority interest to Prospect Mortgage, a portfolio company of Sterling. Metrocities can be found online at http://www.metrocities.com.

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