Nexstar Hires Exec From Competitor

Private-label originator Nexstar Financial, St. Louis, has hired away a top executive from its competitor, PHH Mortgage, Mt. Laurel, N.J.On Tuesday Nexstar named Leonard M. Wagner -- a seven-year veteran of PHH -- its national account director. At PHH Mr. Wagner served as vice president of relationship management, where he supervised a team of account executives responsible for 15 private-label clients and $3 billion in production. Formerly known as Cendant Mortgage, PHH was recently spun off from its parent, Cendant Corp. of New York. PHH is believed to be the largest private-label funder in the United States.