Terry Wakefield, mortgage tech adviser and MBS pioneer, dies at 70
Terry Wakefield, a technology consultant and mortgage-backed securities market pioneer, has died at the age of 70, according to funeral home Schmidt & Bartelt.
Wakefield is survived by his wife, four children, four grandchildren, two sisters, two brothers and several nieces and nephews. Services were held Tuesday.
In recent years, Wakefield was a strong advocate for a more thorough replacement of legacy systems in the mortgage industry.
He got his start with Republic Savings and Loan Association of Wisconsin and helped it become the first S&L in the state to use the secondary market to expand its lending operations, according to his resume.
Wakefield was later retained by Fannie Mae in the early 1980s to help launch its mortgage-backed securities business and co-author its first MBS guide for lenders and servicers.
He went on to roles in the private sector which include helping the Prudential Insurance Co. of America and Salomon Brothers form Prudential Home Mortgage. The effort grew out of a nationwide affinity program he helped establish to provide mortgage financing to 2 million AT&T employees.
Subsequently, as Prudential's mortgage business evolved, Wakefield became involved in outsourcing efforts. Wakefield later left Prudential when it divested portions of the business he worked with in the early 1990s. (Norwest ultimately bought Prudential Home Mortgage and Wells Fargo bought Norwest.)
He also helped build The Bog golf course in Wisconsin that opened in 1995, and was involved in technology efforts that included the creation of a servicing retention application. Over the course of the last two decades, he advised industry tech vendors and private equity firms that invested in them.
In his personal life, Wakefield prioritized family over other social relationships, enjoyed sports and endorsed faith-based team building.
"Great teams derive their strength from collective faith in the ability of each team member," he said in a statement about personal interests posted on his website.