Cimino Aboard iServe Team; GMAC ResCap Hires

Industry veteran Richard Cimino will join iServe Servicing, a subsidiary of National Asset Direct, Inc., as chief executive officer, according to an announcement made by the company this morning. Cimino brings with him over 33 years experience in the consumer finance, real estate and mortgage banking industry with such companies as New Century, Ford Consumer Finance, C.F.R. and Aspen Financial, iServe said in a press statement. Cimino most recently served as President of the Servicing Division for New Century Mortgage, a position he held for five years. During his tenure at New Century, Cimino launched a full-service servicing platform reaching approximately 240,000 loans. In addition, Cimino oversaw more than 650 employees in the Santa Ana, California and Fishers, Indiana locations. “His deep experience in the industry, knowledge of what we do at iServe, and unique vision of the future of the market makes Richard a great addition,” says Jeffrey Kaplan, NAD’s president and CEO. “He is exactly the type of senior person we want at the helm, guiding iServe and growing it through this difficult but potentially rewarding time.” Louis Amaya, NAD’s chief investment and operations officer says Richard will draw on his background and relationships to further grow the company’s business in new markets, effectively managing risk, and positively communicate the companies endeavors to key players. “I am very impressed by the impact that iServe has had since they’ve begun,” says Cimino.  “The firm is only two years old, and already they have made a name for themselves as a risk-taking, flexible, exciting young firm. I look forward to helping iServe navigate this current market and capitalize on new opportunities.” ResCap Hires Residential Capital LLC, the mortgage lending unit of GMAC LLC, plans to boost its workforce by 100 to 150 people at its Fort Washington, Pa. location, said spokeswoman Jeannine Bruin this morning. Bruin told the press an increased demand for refinancing is driving the need for additional staff. On the heels of record low mortgage rates, borrowers are increasingly refinancing. Last week, according to Freddie Mac’s Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged just 4.87%, while application volume rose 13.3%, according to the Mortgage Bankers Assocation. Bloomington, Minn.-based ResCap, which slashed 5,000 jobs in 2008, will hold a job fair Thursday and another on May 7 at its office in Fort Washington. Bruin said the majority of hires will be in loan-origination operations. Write to Kelly Curran at Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade

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