Mortgage Vet to Form Wholesale Firm

Peter T. Paul, the founder and former chief executive officer of Headlands Mortgage, has announced that he will launch Paul Financial this summer in San Rafael, Calif., as a niche wholesale lender.Mr. Paul said the aim of the company will be to "find a slot for ourselves" that is not being served by larger companies. The company will have the advantage of being "a start-up in the age of technology," he said. "Our loan processing will be entirely automated, but we will continue to offer what many major companies can no longer give: personalized service in which customers will be able to speak to a live person for their questions or concerns." Mr. Paul is chairman of Sequoia National Bank and a member of the board of the Federal Agricultural Mortgage Corp., commonly known as Farmer Mac.