David Schneider has joined Stearns Lending as its chief executive officer, replacing Brian Hale, who will be leaving the company at the end of the month.
Most recently, Schneider was president of Ditech Financial and the executive vice president and chief operating officer of its parent company Walter Investment Management Corp. until he was forced out in a management restructuring nine months after he was hired.
Hale was Stearns' CEO for five years. Origination volume during his time in charge went from $5.6 billion in 2011 to $26 billion last year, the company said in a press release.
Under his tenure, Stearns diversified beyond wholesale originations to the retail and strategic alliances channel.
In February, the company sold its delegated correspondent lending business to Flagstar Bancorp. Stearns still purchases whole loans but only where it does the underwriting itself.
"Brian has helped lead Stearns through a period of meaningful diversification and expansion in its business, and during the transition, Brian will continue to assist the company through May 31," said company Chairman William Cary in a press release.
Before joining Ditech, Schneider was president and chief operating officer of CitiMortgage, president of Washington Mutual Home Loans, senior vice president for servicing strategic initiatives at JPMorgan Chase and president and CEO of Vericrest Financial.