Earlier today Robert J. Caruso, mortgage industry veteran and Division President of Servicing for ServiceLink, announced his retirement.
During his time at ServiceLink, a premier national provider of transaction services to the mortgage and finance industries, Caruso led the company’s Servicing Solutions and LoanCare divisions.
Jay Frappier, Managing Partner with Barrett Daffin Frappier Turner & Engel, responded to the announcement, saying, “Bob has been a longtime friend and colleague and I would like to congratulate him on his retirement and a career spent dedicated to advancing the mortgage industry.”
With more than 20 years’ experience, prior to ServiceLink Caruso was the Executive Managing Director, Transaction Services, at Lender Processing Services; the Servicing and Post-Closing Executive for the Consumer Real Estate and Insurance Services Group at Bank of America; EVP of Servicing Operations at Wells Fargo Home Mortgage; and held senior management positions Chase and C&S Bank.
Despite news of his retirement, Caruso also announced today that he will be launching a new servicing venture—ServiceMac. The startup will be uniquely positioned to buy mortgage companies and with Caruso at the helm will work to manage a wide array of servicing portfolios.
“While I will miss working with the great team at ServiceLink, I am looking forward to utilizing my decades of servicing expertise to build and drive ServiceMac,” said Caruso. “From its outset ServiceMac will be customer and investor focused with a strong commitment to compliance in order to address the challenges mortgage professionals are facing today.”
"Bob Caruso is truly a pillar of our industry," said Five Star Institute President & CEO Ed Delgado. "Having had the honor of knowing Bob for the past 30 years, I've witnessed first hand the standard of excellence that he insists upon for himself and the organizations that he leads. I look forward to witnessing the next chapter in his career."
Ray Barbone, EVP at BankUnited, also weighed in, saying, “The mortgage industry has had the privilege of Bob's leadership for many years. His leadership and contributions have been instrumental to the progress of servicing on so many fronts. He is truly legendary in this business. While I congratulate him on retirement from ServiceLink, I am happy to see he will continue to have a positive impact on our industry."