Mortgage subservicing firm Dovenmuehle Mortgage has announced the addition of Patricia McCarthy as the company’s new VP of Insurance Administration. In her new role, McCarthy will oversee Dovenmuehle’s insurance department, with responsibility for hazard and flood insurance administration, loss drafts, research, and the insurance department call center.
"Insurance is a critical component of the mortgage servicing process, requiring keen attention to detail and a firm grasp of the regulations governing it across all levels," said Dovenmuehle SVP Glen Braun. “Patricia brings a wealth of experience in managing the complex, highly regulated financial aspects of mortgage operations, making her an idea choice to oversee these critical escrow functions.”
Founded in 1844, Lake Zurich, Illinois-based Dovenmuehle is a mortgage subservicer for commercial banks, credit unions, independent mortgage lenders, MSR investors and state housing finance agencies nationwide. The company subservices portfolio loans, as well as loans sold to Fannie Mae, Freddie Mac, Ginnie Mae, and the Federal Home Loan Bank with servicing retained.
McCarthy has worked with nearly every aspect of the mortgage process during her career. Prior to joining Dovenmuehle, she held the position of VP of Mortgage Warehouse Lending at Hinsdale Bank for more than 10 years. While at Hinsdale Bank, she managed two divisions within the department, managed more than $1 billion in warehouse lines of credit and 25 clients, while moving in upwards of $40 million per day. Throughout her more than 30-year career, McCarthy has managed compliance, mortgage operations, loan processing, and customer service departments.
"As one of the longest-standing mortgage subservicers, Dovenmuehle’s reputation for stability, compliance and excellence is well known,” McCarthy said. “I welcome the opportunity to join such an outstanding organization and contribute to its on-going success and growth.”
Dovenmuhle recently named Ron Malik as the company’s SVP of Default Servicing, overseeing Dovenmuehle’s special servicing initiatives and maintaining a high level of compliance and service satisfaction in all areas of default servicing.
“As the mortgage industry anticipates an increase in delinquencies and foreclosures, servicers and subservicers are doubling down on their special servicing efforts to support homeowners facing hardships,” Malik said. “I look forward to leveraging my experience and expertise in special servicing to increase the efficiency of Dovenmuehle’s default servicing efforts without compromising customer service.”