RERC, a subsidiary of SitusAMC, announced that it has hired E. Tye Neilson, MAI, SRA, MRICS, Esq., as Managing Director to lead RERC's Bank & Lending Valuation Management Division. In his role, Neilson will focus on expanding the firm's innovative and independent valuation management, valuation review, analytics, regulatory, and workflow technology solutions. Neilson will report to Brian Velky, Managing Director and Global Head of Valuation Advisory for RERC.
"RERC is the clear market leader and innovator in the valuation and valuation management industry, offering customized solutions that meet a variety of regulatory reporting requirements, and support client internal requirements for data capture, third-party independent validations and balance sheet valuations," said Neilson. "I am excited to be joining this world-class firm and look forward to working with the team and the broader SitusAMC family as we expand our services and technologies across our global client base and deliver truly superior client outcomes."
Verus Mortgage Capital (VMC), a full-service correspondent investor offering residential non-QM, investor rental and fix and flip loan programs, reports that it finished 2019 strong. It recently finalized its fourteenth and fifteenth rated RMBS (residential mortgage-backed securities) transactions for $533.5 million and $680.7 million respectively.
Verus is the largest non-QM issuer with almost $3.8 billion of collateral across seven transactions in 2019 and 15 transactions overall, and nearly $6 billion overall securitization volume. Compared to 2018, Verus has more than doubled its shelf issuance and increased participation from unique bond investors by more than 60%.
The 14th transaction, Verus 2019-INV3, for $533.5 million was comprised of 1,564 investor loans. The 15th transaction, Verus 2019-4, for $680.7 million was comprised of 1,451 loans.
“Our commitment to leading the non-QM space and establishing it as a viable, mainstream lending alternative is evident in the success we’ve experienced over the last four years,” said Dane Smith, President of VMC. “As one of the first entrants in this sector, we’ve seen it transform into one of the most promising and exciting opportunities in the mortgage industry. We’ve made tremendous progress in a fairly short timeframe which is due, in part, to our talented team and complete dedication to helping lenders thrive in non-QM.
QuestSoft has named Jeff Robb as VP of Compliance Sales. Robb will be responsible for directing QuestSoft’s sales of comprehensive products and services for its Compliance RELIEF platform.
Robb's addition to QuestSoft represents the continuing development of the company’s growth strategy. Recognizing the financial industry’s need for advanced tools and services in the face of new compliance initiatives and best practices, Jeff brings a wealth of industry knowledge and experience with specialties in Fair Lending, the Community Reinvestment Act and HMDA.
"I am looking forward to helping lenders improve processes and implement technology with QuestSoft's advanced data analysis software," Robb said. "To be able to work with such a large base of financial institutions on streamlining their operations and regulatory reporting is a terrific opportunity."