Generation Mortgage announced that it has named Keith McNulty as its senior vice president of strategy and process improvement, and Amy Lynn Davies as its human resources director. Both will work out of the company’s Atlanta headquarters said a company statement.
McNulty brings more than 15 years of experience in strategy and finance and prior to joining Generation he led strategic business planning for Nortel Networks’ Global Business Services division. He has also spent time at CompuCredit, Mirant, SunTrust Robinson-Humphrey, PricewaterhouseCoopers and Bank of America where he developed a deep expertise in consumer finance, specializing in internet lending and marketing.
Davies has over 10 years experience in human resources and most recently led the human resource departments at Silverton Bank, Bell South, and AT&T.
“Keith and Amy are strong additions to our Generation Mortgage leadership team,” said Scott Peters, president and CEO, Generation Mortgage Company. “They will immediately contribute to the success of Generation Mortgage through their high level of expertise and experience.”
With a fancy new website and these key hires to run Generation’s operations, it’s clear that the company is getting ready to expand. Whether or not they’re looking to expand retail, wholesale, or both, who knows, but they’re certainly laying the groundwork for growth.
Generation clearly has a lot going for them, backing from Guggenheim, Jeff Lewis as Chairman, and an operation that continues to see both wholesale and retail volume grow. However, even with Guggenheim behind them they could run into problems without having the backing of a federally chartered bank.
Sure, Guggenheim is basically the same thing, but it doesn’t offer them a deposit base for funding or the licensing advantages banks have over true mortgage bankers.
I’m confident in saying that the company is very “conservative” in its approach to the business, which looks to be paying off. However, will the company be able to compete with the MetLife, Wells Fargo, and Bank of America’s of the banking world? Only time will tell.