People

State Bank & Trust, Fargo, N.D., appointed Todd Lee to executive vice president, Twin Cities managing director.

If you're looking for the missing piece to the mortgage "deconsolidation" equation, its name is Wells Fargo. Never before in the annals of residential finance has one company amassed such an enormous market share in lending (27%) and servicing (20%).

After more than a decade as head of the Financial Services Roundtable, Steve Bartlett will be stepping down at the end of this year.

DRI Management Systems Inc., Newport Beach, Calif., promoted Nancy Schaefer to senior vice president for client operations.

DRI Management Systems Inc., Newport Beach, Calif., hired Michael Bailin for the newly created position of regional sales executive in the Western states.

Wells Real Estate Funds, Norcross, Ga., named Robert Kennedy president and chief operating officer.

Dan Magder, a director of acquisitions for Lone Star Funds, has quit the investment firm to focus on what he calls a "REO-to-rental investment opportunity."

Stewart Title Ltd., the underwriter for U.K., European and Australian transactions for Stewart Information Services Corp., appointed Ciaran Westland to general manager of its Australian operations.

Long & Foster Real Estate Inc., Chantilly, Va., named Dontae Carroll regional manager of its Prince George's County and southern Maryland offices.

In case you haven't been paying close attention and reading the National Mortgage News website (and our paper weekly) the past year, there's a gargantuan shift underway in the mortgage industry. We correctly predicted that the servicing side of the business is 'deconsolidating.'