Prior to joining MBA, Jelfo was creative and marketing director for Alderac Entertainment Group Inc., where he developed and implemented strategic consumer-oriented marketing programs, creative direction for all product lines overall product positioning. Previously, he was partner and senior art director of CreativeWorks Advertising in Rocky River, Ohio.

Freddie Mac, McLean, Va., announced the appointment of Paul George as executive vice president for human resources, responsible for leading all aspects of the HR functions, including recruiting, compensation and benefits, organizational development and training.

George brings more than 20 years of experience, most recently leading human resources for Wachovia Corp., Charlotte, N.C. Before that, he was a member of Waste Management Inc.'s interim management team and worked for 10 years as senior vice president of human resources at United Airlines. 

Julie Tyler joined Collateral Mortgage Capital LLC, Birmingham, Ala., as vice president and chief underwriter for the company’s FHA division. She is responsible for managing the underwriting and processing functions of the company’s Multifamily Accelerated Processing (MAP) approved loan production under the FHA-insured loan program.

Tyler brings more than 20 years experience to Collateral. Previously, she was a HUD underwriter for both multifamily and health care properties with Greystone and Key Bank. She will be based in Baltimore and will oversee all processing and underwriting performed in the company’s FHA originators in Kansas City, Mo., and Birmingham.

Valocity, Memphis, Tenn., announced the addition of Marianne Angarola as vice president of business development. She comes to Valocity with nearly 20 years of experience in traditional and automated collateral valuations and risk management strategies. She has held leadership positions at AMCO, Lender’s Services, Mortgage Risk Assessment Corp. and First American RES, formerly known as TRW REDI and Experian RES. 

Interthinx, Calabasas, Calif., and Weldon Spring, Mo., appointed David Subar as CIO, responsible for leading the technology team in product development, customization and technology operations.

Subar comes to Interthinx with a background in electrical engineering. He began his career working with MITRE Corp., working on sophisticated artificial intelligence and neural networking solutions for the United States military, including advanced techniques for enemy detection and assessment. Prior to joining Interthinx, Subar served in various roles as a CIO and CTO that included providing technical guidance for venture firms and heading the technology organizations in companies such as PeopleLink and Interna. He also worked at Inference Corp., where he assisted in the technological build of Countrywide’s CLUES system.

GMAC Mortgage, Horsham, Pa., announced the addition of three senior vice presidents.

Jim Ferriter joined GMAC Mortgage as executive vice president of retail lending and GM Direct, responsible for the growing the company’s retail branch network as well as its GM Direct network.
  
Prior to joining GMAC Mortgage, he served as retail executive for Chase Home Finance, the mortgage subsidiary of J.P. Morgan Chase, for last 19 years. 

Dave Stadler joined GMAC Mortgage as senior vice president leading the company’s LendScape project—an effort to implement a common origination platform across all of its lending channels.

Stadler joins GMAC Mortgage from Chase Home Finance where he held the position of senior vice president of program management. Prior to joining Chase Home Finance, Stadler spent nearly 25 years as a consultant to the financial services industry. He spent 20 of those years at Accenture, where he was a partner in the financial services industry practice. 

GMAC Bank named Robert Groody executive vice president and CFO, responsible for all financial activities at GMAC Bank.  Functional groups reporting to the CFO include treasury services, mortgage portfolio management, and accounting/control functions within the bank.

Prior to joining GMAC Bank, Groody served as COO of Cendant Mortgage Corp., where he was responsible for retail lending and loan administration activities. He was also CFO at Cendant Mortgage from 1992 to 2001. From 1980 until 1992, Groody served as a senior manager at Deloitte & Touche.

Mortgage Cadence Inc., Denver, named Gerard Heinz its COO, responsible for supporting the company’s growth in product direction, development, support and education.

Heinz has 30 years of operation and organizational expertise within both the mortgage and technology industry. In that time, he has held senior roles in finance, secondary marketing, mortgage operations, servicing and mortgage related technology. Heinz’s consulting resume spans back-office operational reengineering and support, warehouse lending audits, technology reviews, technology design, project management and default management. He has also designed and managed the development of multi-channel mortgage production systems.

First Lenders Data Inc., Austin, Texas, hired Greg Anderson as a regional account executive. He will focus on expanding FLDI’s client base throughout Oklahoma and surrounding areas.

Prior to joining FLDI, Anderson served as a national bank examiner for the Office of the Comptroller of the Currency, where he conducted safety and soundness and compliance examinations for nationally chartered banks. He also served as a senior bank examiner for the Federal Reserve Bank of Kansas City, where he conducted examinations and inspections for state member banks and holding companies.

Bulls Capital Partners LLC, Vienna, Va., appointed Douglas Westfall as senior vice president, responsible for marketing, origination and business development for the newly-created Affordable Housing Division.

Westfall has more than 25 years experience in commercial mortgage finance, with the last 13 being in affordable housing. previously he was with GMAC Commercial Mortgage's Affordable Housing Division, where he was director of multifamily affordable housing finance; and at Freddie Mac, where he managed all multifamily affordable housing debt products.

Sperry Van Ness, Irvine, Calif., appointed Troy Legge, CCIM, Eddie Blanton, CCIM, Phil Davis, Chris Sheppard, Matt Brown and Robert Podewils, CCIM as advisors of Sperry Van Ness/Lighthouse Commercial Realty, based in Charlotte, N.C.
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JCB, Los Angeles, partnered with Experian, Costa Mesa, Calif., and will implement Experian-Scorex’s Probe SM product into in its credit card environment.

Probe SM allows JCB to analyze and make changes to its credit strategies. Probe SM is part of Experian-Scorex’s Strategy Management suite of products.

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American Guardian Home Loans, Lake Forest, Calif., released its first A-paper loan, the option adjustable rate mortgage (ARM). The option ARM allows borrowers to purchase a home with a smaller than average monthly mortgage payment, even with a low FICO score. Borrowers can select from a low start rate of one percent up to the full payment that includes principle and interest.

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Mortgage Cadence, released its Document Imaging Module, an add-on module to manage document images and data that are pertinent to business operations. The implementation of document imaging allows Mortgage Cadence to extend its ACE business-rules management engine.
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The majority of respondents, 58 percent, noted their average leasing deal was worth up to $500,000 this year compared with 14 percent who had average dealsbetween $1 million-$5 million.

On space requirements, 43 percent of respondents posted their average space requirement in the past six months as between 1,000-5,000 square feet. As for lease term, the majority of respondents, 55 percent, said three to five years average after entered into a market.

Nearly 1,000 commercial real estate professionals nationwide participated in the survey.

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CB Richard Ellis (CBRE), New York, had the largest market share for U.S. commercial real estate sales as of mid-year 2005, according to Real Capital Analytics (RCA), New York. CBRE’s investment sales climbed by 72 percent from a year ago to $18.2 billion. The overall market increased by 46 percent. The firm’s market share improved from 13.8 percent for the first half of 2004 to 16.3 percent.

The RCA report showed CBRE's investment sales of office at 17.1 percent, multi-housing at 15.9 percent and industrial properties with 23.6 percent higher than the previous year. Meanwhile, its sales volume increased by more than half to $3.3 billion for industrial properties and $7.4 billion in office sales, nearly 35 percent to $2.3 billion in retail sales and by more than 20 percent to $5.3 billion in multihousing sales.
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The transaction includes a $16.5 million acquisition loan and a $5.25 million land loan.

The purchase includes vacant land long planned for additional residential units. While the primary focus remains on the existing senior housing, the opportunity to complete the long-planned development also exists.

The College Harbor communities, developed in the 1980s, are adjacent to the Marina Bay condo and townhouse development west of Eckerd College. The property includes independent and assisted living apartments, as well as 52 beds of skilled nursing in two buildings on a 10-acre campus.

Patrick Donovan, vice president at Love Funding’s St. Louis office, arranged the financing. The buyer plans to retain existing management and staff of Traditions Management.
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The Workshop features valuable sessions, such as "Innovative Membership Strategies," "Legislative and Regulatory Highlights" and "Non-Dues Revenue Solutions." All aim to provide new ways to remedy old challenges. New to the program is a session, "Building for the Future," which addresses changing industry demographics and the need to stay relevant through diversification of members and employees. Also, MBA's public affairs staff presents "Managing Media Relations," using Home Mortgage Disclosure Act (HMDA) data and resulting reports as a test case. 

On October 21, working group breakouts are followed by an integrated recap session. On October 22, executives and managers have the opportunity to interact with their peers and hear from Doug Duncan, MBA's chief economist, who offers an economic forecast and a discussion on trends and their impact on the industry.

Renew acquaintances or make new contacts at the Welcoming Reception, and enjoy the Chairman-Elect Luncheon featuring Regina Lowrie, CMB, the first woman to chair MBA.

Click here to register online. If you have any questions contact Lisa Hazell at lhazell@mortgagebankers.org or (202) 557-2761.
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The news is not necessarily a surprise. In March, General Motors confirmed that it was exploring a sale of a stake in GMAC's Commercial Mortgage Corp. In April, Kohlberg Kravis Roberts & Co., Goldman Sachs Capital Partners and Five Mile Capital Partners placed a $1.3 billion bid for 60 percent of the lending unit and were conducting due diligence on the purchase.

GMAC will continue to hold a 40 percent equity interest in GMACCH. The company holds a commercial loan servicing portfolio of nearly $250 billion. The Board of Directors of GMACCH will include individuals from the investor group, GMAC and GMACCH management.  Members of the current GMACCH management team will also invest in the company shortly after the transaction closes.

“By retaining a 40 percent equity interest, GMAC will continue to participate in the company’s profitability over the long term,” said GMAC Chairman Eric Feldstein.

Based on the agreement, GMACCH will repay all inter-company loans to GMAC upon the closing of the transaction, providing more liquidity to the parent company. GMACCH also wants to receive a standalone credit rating to enhance its ability to fund its operations on an ongoing basis.

KKR, a firm that specializes in management buyouts, was involved in the $6.6 billion purchase last month of Toys R Us Inc. last month.

Five Mile Capital Partners, established in 2003, has $800 million of equity capital. The firm’s partners have participated in mortgage and real estate capital markets. For example, Gary Holloway, vice chairman of Five Mile Capital Partners, served as chairman of the board of Greenwich Capital Markets Inc., and was president and CEO at Greenwich Capital.

Goldman Sachs, founded in 1869, established GS Capital Partners Funds as part of its Principal Investment Area. With $8.5 billion in committed capital, GS Capital Partners V is the current primary investment vehicle for Goldman Sachs to make privately negotiated equity investments.

The GM and GMAC boards of directors have approved the transaction, which is expected to close the fourth quarter of this year, subject to regulatory approvals.
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