based in north carolina Truest Financial Corporation announced Tuesday that veteran mortgage executive David Smith would head its trust mortgage Effective July 31. Smith will replace the soon-to-retire Todd Chamberlain, who will assist with the transition.
Thank you for reading this post, don't forget to subscribe!Smith, whose experience includes leadership roles in companies such as Keller Williams And CitiMortgageWill oversee the origination, fulfillment, servicing and warehouse lending strategy and execution.
In addition, Smith will lead the nationwide direct channels and correspondent business, reporting to Donta Wilson, chief retail and small business banking officer.
Wilson said Smith appoints Truist to “redefine the future,” according to a news release.
TRIST, a top US mortgage lender and servicer, has shrunk amid a challenging mortgage market.
In the first quarter of 2023, the company originated $ 4 billion in collateral inside mortgage finance (IMF) estimates. Volume was down 64% compared to the same period last year, but was high enough to rank the company as the 15th largest residential mortgage lender in the country.
The company’s volumes mainly come from third party promoters. It raised $2.7 billion in TPOs in the first quarter of 2023, down 67.2% year-on-year. Meanwhile, the retail channel accounted for $1.3 billion, a decline of 58.3% over the same period.
The firm’s proprietary servicing portfolio, now led by Smith, reached $272 billion from January to March, up 10.4% from the same period in 2022. According to IMF data, Trueist is the 12th largest servicer in the US by owned portfolio.
Prior to joining Truist, Smith led the mortgage lending, insurance and title businesses affiliated with Keller Williams. Prior to this, Smith was President and Chief Executive Officer of a subsidiary of CitiMortgage City Bankwhere he navigated the 2008 financial meltdown. His expertise lies in building product breadth and pricing strategies for clients.
Smith said he aims to deliver an “innovative, digital-first client experience with his new position at Truist to help even more clients turn their dreams into reality and achieve financial happiness.” according to a news release.
