Industry Vet Suits Joins Federal Savings Bank

Mike Suits, a mortgage veteran who has spent more than 15 years in the marketplace, joined The Federal Savings Bank as a senior vice president of home equity conversion mortgages, the Chicago-based bank announced yesterday.

Suits will lead Federal Savings’ reverse mortgage retail team in Austin, Texas, overseeing the bank’s planned growth in the region while also monitoring internal operations. The Round Rock, Texas resident most recently served as a reverse mortgage regional production director at Reverse Mortgage Solutions, Inc., which ceased originating loans last month when its parent company, Walter Investment Management Corp., announced its exit from the HECM-origination business. Prior to his job at RMS, Suits helped establish Capital Mortgage Services’ reverse mortgage unit as a division manager.

“I’m thrilled to have Mike join The Federal Savings Bank team,” executive vice president Mike Crossett said in a statement. “He has tremendous experience in the HECM industry and understands the customers well.”

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Suits has served multiple HECM industry trade organizations, including the Texas Mortgage Bankers Association’s Reverse Mortgage Committee. The Texas A&M alumnus also played semi-pro football, and is certified to officiate high school football, basketball, and baseball games.

Written by Alex Spanko