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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 10 M O V E R S & S H A K E R S April 2023 Government FDIC TAPS FORMER FANNIE MAE PRESIDENT MAYOPOULOS AS CEO OF SVB The Federal Deposit Insurance Corporation (FDIC) has named former Fannie Mae head Tim Mayopoulos as CEO of Silicon Valley Bank, a subsidiary of the recently shuttered SVB Financial Group. Silicon Valley Bank, based in Santa Clara, California, was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC, as receiver, immediately transferred to the DINB all insured deposits of Silicon Valley Bank. Silicon Valley Bank had 17 branches in California and Massachu- setts. Mayopoulos joined Fannie Mae in 2009 as EVP, General Counsel, and Corporate Secretary. In 2010, he became Chief Adminis- trative Officer for the government-sponsored enterprise (GSE). He was named President and CEO of Fannie Mae in 2012. Tim has had a long career in financial services. He served as the General Counsel of Bank of America for five years and held senior roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jen- rette. Tim serves on the boards of directors of LendingClub, the leading digital marketplace bank in the U.S., and SAIC, a technology in- tegrator for the civilian, defense, and national security agencies of the U.S. government. Tim also serves as a director or advisor to a number of private companies. As of December 31, 2022, Silicon Valley Bank had approximately $209 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of unin- sured deposits will be determined once the FDIC obtains additional information from the bank and customers. Lenders/Servicers MR. COOPER ANNOUNCES EXECUTIVE LEADERSHIP CHANGES Mr. Cooper Group Inc. has announced two executive leadership appointments as Kurt Johnson has been named CFO, and Christine Paxton as EVP, and Chief Risk and Compliance Officer. Johnson joined the company in 2015, and most recently served as Chief Risk and Com- pliance Officer, responsible for credit and market risk management and leading the risk and compliance organization. "With his decades of experience in mortgage-banking, strong relationships with government and industry stakeholders and a detailed understanding of our platform, Kurt is already a major force at the company and in the industry," said Jay Bray, Chairman and CEO of Mr. Cooper Group. "In his new role, he will be instrumental in setting the company on the path to delivering strong and rising investor returns." With 25 years in the mortgage industry, Johnson has experience in originations, servicing, treasury, portfolio management, and financial planning. In his time with Mr. Cooper, Johnson also led the multiyear Proj- ect Titan servicing transformation initiative and oversaw critical technology and process enhancements for our platform. In 2019, Johnson became the company's Chief Credit Officer, responsible for setting all credit risk Movers & Shakers related policy and governance before being promoted to his role as Chief Risk and Com- pliance Officer in early 2021. Paxton returns to Mr. Cooper from Wells Fargo, where she most recently served as SVP of Control Management, responsible for managing risk for the home lending and servicing business. Before that, she served as SVP of Enterprise Risk at Mr. Cooper Group where she established the corporate enter- prise risk management framework. Christine also served in leadership roles at Capital One and Citi. "We are delighted to welcome Christine back to the Mr. Cooper Group team," Bray added. "She is a well-respected leader, and I am confident that her experience and op- erational skills will be a great fit as we work to ensure Mr. Cooper continues to serve as a source of strength in the housing market." As Johnson assumes his new role, Jaime Gow will transition from CFO to a Strategic Advisor role through October. "I want to thank Jaime for his leadership, dedication to the team, and major contri- butions including building out our finance, accounting, and tax planning teams to world-class standards," Bray said. "We are a better company because of his efforts, and I appreciate that he will continue to support the team during this transition." PATRICK BOLAN JOINS NEW AMERICAN AS CHIEF PRODUCTION OFFICER New American Funding has named Patrick Bolan as its new Chief Production Officer, tasked to grow the company's retail sales and bring a mature level of leadership to this division– ensuring that the company's retail sales division is set up for success and growth in 2023 and beyond. Drawing on his 30-plus years of leader- ship and origination experience, Bolan is pas- sionate about developing strong leaders and teaching others to reach their own personal goals, with a proven history of coaching his teams successfully to double and even triple their production. His tenured experience in the mortgage industry will help influence the growth of NAF's sales team, the overall struc-