Oklahoma-based Gateway First Bank [1] has announced the appointment of Deirdre Cherry as its CCO.
As CCO, Cherry will be responsible for the review of Gateway’s loan portfolio on a continuing basis to guide risk-appropriate growth, assist in the detection of deterioration in loan quality and review the portfolio to ensure compliance with state and federal regulations.
“We are committed at Gateway to bringing in the best talent in the industry, and Deirdre is no exception with her depth and breadth of experience in the banking industry,” said Stephen Curry, CEO of Gateway. “Her knowledge on credit training, pricing models, collateral evaluation and risk rating will help us as we continue to grow as a company.”
Cherry has been in the banking industry for more than 30 years, primarily with JPMorgan (and its predecessor institutions) and Bank of America. Her experience has focused on providing credit solutions to clients ranging from large corporations through the ultra-high net worth private client segment. In addition to single-lender transactions, she has designed or participated in agented syndicated facilities, club deals and derivative solutions. Cherry has significant experience managing teams and presenting the credit proposition to internal and external audiences. She earned a master’s degree in Business Administration from Pace University and a bachelor’s degree in Economics from Santa Clara University.
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Potestivo & Associates, P.C. is has announced the promotion of Megan M. Johnson, effective October 25, 2019. Johnson has been promoted to the role of VP, and in her new capacity she will oversee firm management and operations.
Johnson brings a wealth of knowledge and experience to the role of VP. She joined the firm in February 2004 as a Junior Foreclosure Coordinator, and quickly moved up the ranks. During her time at the firm, she has served in various positions that have provided her with well-rounded experience and given her a firm understanding of the ins and outs of the real estate finance and credit industry. Among those positions are Director of Foreclosure Operations, Quality Control/Client Relations Manager, and Director of Business Development.
Brian Potestivo, President-Managing Attorney, stated, “With Megan’s unique combination of knowledge, commitment, and hard work she has proven time and again that she has the skills and attitude necessary to help guide the firm forward by utilizing our key strengths in the production of high quality work, effective practices and procedures, and proven solutions for our clients. Megan has been an asset to the firm for many years, and we look forward to her continued knowledge and service.”
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Red Bell Real Estate, LLC [2], a Radian subsidiary, was named among a select group of automated valuation model (AVM) providers by credit rating agency, Fitch Ratings, to supply AVMs in support of Fitch’s rating of residential mortgage-backed securities (RMBS) transactions.
“Red Bell is proud to offer an exceptional quality AVM that meets the high standards of Fitch Ratings,” said Eric Ray, senior EVP, Technology and Transaction Services, Radian. “It is exciting that Fitch has recognized Red Bell’s AVM offering, among its peers and we are thrilled that they are leading the way toward increased acceptance of AVMs in the marketplace. This recognition is also a testament to Red Bell, a subsidiary of Radian, as a unique company that uses proprietary technology, data and analytics to disrupt the real estate value chain.”
In recent years, Fannie Mae and Freddie Mac have both initiated programs that leverage AVMs in determining waivers for full appraisals. In addition, last month, federal banking regulators including the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank, approved a change to banking regulation to allow AVMs to be used in mortgage lending on loans up to $400,000, an increase from the prior $250,000 de minimis limit. These actions by informed market oversight entities provide additional confirmation that the reduction of bias and improvement in accuracy of AVMs over manual products creates opportunity to help consumers achieve their dream of homeownership more quickly and more cost effectively.