Sprout Mortgage Leads Wells Fargo Veterans to Retail Leaders

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Lender not affiliated with QM Rostock Mortgage creates a distributed retail network and has been selected as a veteran Wells Fargo lead a new division.

Sprout has hired former Wells Fargo CEO Michael Johnson to expand Sprout’s retail and retail channel, the company said Tuesday. Johnson, who most recently led the deposit bank’s southeast division, will report directly to Sprout President Shi Pallante.

Johnson spent two decades at Wells Fargo, leading the sales force in the Miami and Philadelphia regions. Johnson from Miami also worked in PNC Bank over his career in mortgage banking.

“Michael will help fulfill our commitment to dramatically expand Sprout’s retail channel through direct contact with consumers, brick-and-mortar retailers, and strategic joint ventures — all designed to help Sprout better serve our end customers with high-quality financial solutions for home ownership and investment property.” Pallante said in a statement.

Sprout said it intends to expand its retail channel through increased direct sales to consumers and residential investors, specialty retailers and joint ventures. Sprout does most of its business through mortgage brokers. He also has a low-margin correspondent business.

Johnson’s addition represents another change in Sprout’s top management that has stalled. lending without QM last year when the coronavirus pandemic began and liquidity dried up… Over the past six months, Sprout has introduced a series new products for a non-QM IT program, resumed correspondent lending

In April, the company announced that it had hired Infosys Henry Santos, CIO and Global Director of Real Estate Finance, will become CIO. He also appointed Laura LaRaya as Chief Legal Officer. LaRaya was previously Chief Legal Officer and Chief Legal Officer in First Guarantee of Mortgage Corporation

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