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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 12 November 2023 M O V E R S & S H A K E R S Lenders/Servicers ALLY FINANCIAL'S JEFFREY BROWN TO STEP DOWN AS CEO Ally Financial Inc. has announced that Jeffrey J. Brown will be stepping down early next year after serving as CEO and a member of Ally's Board of Directors since 2015. The Board has engaged a leading global executive search firm, and the search for a successor is underway. "After 14 years at Ally, including near- ly nine years as CEO, I am so proud of how we transformed the company from the days of GMAC to who we are today, a more strategically, operationally and financially sound organization," Brown said. "I sincerely appreciate the fierce commitment of my more than 11,000 Ally teammates and the culture we have been building together. The guidance of our Board of Directors and the deep dedica- tion of our management team have been essential to me at every step." Brown will remain with Ally until January 31, 2024, or an earlier date deter- mined by the Chair of the Board to help ensure a smooth leadership transition. Following his departure, Brown will become President of Hendrick Automo- tive Group, a longtime customer of Ally, and the largest privately held automotive retail organization in the nation with nearly 11,000 employees and 131 retail franchises across 13 states. "What began in 2009 as the financial reengineering of a company ultimately became a bank that truly matters in the financial industry, and now is the right time for me to transition. Ally is positioned for a bright future thanks to our amazing team and the customers we are proud to support," Brown added. "I especially look forward to building on Hendrick's relationship with Ally as a customer and seeing both businesses continue to grow and succeed." Ally Financial is a financial services company with the one of the nation's largest all-digital banks, serving more than 11 million customers through a full range of online banking services (including deposits, mortgage, point-of- sale personal lending, and credit card products) and securities brokerage and investment advisory services. "JB has been an exceptional leader and fellow director, steering Ally with a skilled, steady hand for nearly nine years," said Franklin Hobbs, the Chair of Ally's Board. "He is held in the highest regard throughout the organization and the banking industry. Colleagues and peers alike value his commitment to excellence, motivating ingenuity, and un- relenting dedication to the Ally culture." GUARANTEED RATE ADDS RYAN OGATA AS EVP OF RE- VERSE MORTGAGE LENDING Mortgage lending veteran and long-time Guaran- teed Rate employee Ryan Ogata has transitioned to lead the company's Reverse Mortgage Division as EVP of Reverse Mortgage Lending. Ogata, who has worked in the mortgage lending industry for 20 years, will be tasked with charging the lender's reverse mortgage division. "A unique convergence of market forces, including an aging population, resilient home values and a scarcity of inventory, are driving up the demand for reverse mortgages," Ogata said. "I'm excited for the opportunity to dispel the misperception that these are simply loans of last resort. Guaranteed Rate has long been the leader when it comes to Movers & Shakers serving as a financial advisor—not just a one-off loan producer. Accordingly, we look forward to spreading the word about the reverse mortgage as a critical financial tool for seniors as part of their overall financial planning." A Bay Area native, Ogata has been with Guaranteed Rate since 2017, and was previously the company's Divisional Manager for the Pacific West Region. Be- fore that, he was the Regional Manager for Northern California. FORMER FEDERAL HOME LOAN BANK OF CHICAGO EXEC LAUNCHES NATIONAL CORRESPONDENT LENDER Stephen Thomas has announced the formation of FutureWave Finance, a minori- ty-owned national correspondent lender. Serving as President and CEO of the company, FutureWave Finance is the culmination of many years of planning, as the company will partner with investors to serve the needs of lenders by offering product suites intended to drive the future of the mortgage industry, and expand homeownership across the country. "Lenders need a product-focused ap- proach to grow their residential mortgage business as we are undergoing a secular shift from the rate-driven refinance market that dominated the industry for most of our careers," Thomas said. "We are using our vast resources, infrastruc- ture, technical knowledge, and numer- ous industry relationships to partner and deliver a wide variety of mortgage loan products—with expert pricing—to service that need." Prior to launching FutureWave, Thomas served for the last nine years as the Senior Managing Director of Mortgage Capital Markets at the Federal Home Loan Bank of Chicago (FHLBC), where he and his team helped provide liquidity for various residential mortgage products to hundreds of small communi- ty bank and credit union sellers annually.