River City Mortgage plans expansion, hires Carrington exec

Cincinnati-based River City Mortgage is staging an eight-state expansion of its footprint, and recently hired Carrington Mortgage Services President Raymond Brousseau to help oversee and direct its growth.

Brousseau, who was named a partner and executive vice president of strategy and expansion at River City Mortgage after leaving Carrington, will oversee the company's new Massachusetts facility.

He also will oversee River City Mortgage's expansion into Oregon, Massachusetts, Vermont, Rhode Island, Connecticut, Delaware, Maine and New Hampshire.

Shannon Edmonds

Prior to working at Carrington, from 1989 through 2011, Brousseau was with Citigroup in various roles, including serving as the executive vice president of CitiFinancial's servicing division.

"We're excited about expanding coast to coast from Oregon to Maine,” Nick Hunter, River City Mortgage's managing partner and chief operating officer, said in a press release.

In addition to Brousseau, Tim Hoy, formerly Carrington Mortgage Services' vice president of retail sales, will be joining River City Mortgage as its senior vice president of expansion. He will oversee the launch of a new River City facility in Hunt Valley, Md.

"Loan volume and referrals in all states tripled this year," River City Mortgage CEO Dan Hutzelman said in press release. "Loan volume is expected to top $600 million in 2019 — a virtual quadrupling from the $162 million in volume just last year. With Ray Brousseau leading operations in the northeast, and driving expansion across the nation, we expect loan volume in 2020 to reach nearly $1 billion."

River City is currently lending in 13 states and the District of Columbia.

Brousseau left Carrington Mortgage Services in mid-October. Greg Austin subsequently assumed the leadership role at that company as its executive vice president, mortgage lending.

Austin is responsible for overseeing all aspects of Carrington's businesses, including the retail, wholesale and correspondent production channels. He has more than 30 years of experience in mortgage banking.

Prior to joining Carrington in February 2018, Austin held a similar position at Impac Mortgage, and before that sales leadership positions at Lehman Brothers and Credit Suisse.