CHIEF FINANCIAL OFFICER OR CHIEF ADMINISTRATIVE OFFICER
…..Leadership for Growth Oriented Companies
2007
A Commercial Real Estate Mortgage Company
Southeast United States
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
Hired as the Company's first CFO in January, 2007, to assist in raising additional equity capital for further expansion of our business platform, we merged the company with a subsidiary of a large national bank on November 1, 2007, resulting in my planned severance.
2002-2006
AURORA LOAN SERVICES, LLC
Denver, CO
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
Aurora Loan Services, a mortgage banking subsidiary of Lehman Brothers (NYSE), grew from approximately 600 employees, with loan originations of $600 million per month and servicing of $10 billion in 2002, to a company of 2700 employees, with originations exceeding $50 billion per annum and loan servicing exceeding $80 billion in 2006. In addition to my CFO responsibilities, the CEO requested I assume responsibility for our Loan Administration Investor Relations and Investor Accounting functions, Human Resources and Contract Administration, a department charged with enforcing the representations and warranties made to the company by our customers…combined management responsibility for approximately 140 employees. My accomplishments included…
• Inheriting a Finance function with minimal analytical, budgeting, and reporting capabilities, and ill-prepared for the growth to come, I formed a Financial Planning and Analysis department that prepared comprehensive reports allowing senior executives to effectively manage their operations and the future growth of the company.
• Evaluated and implemented cost reduction opportunities within the company eliminating over $70 million in personnel and non-personnel costs.
• Integrated SIB Mortgage Company finance functions following its acquisition in 2004.
• Directed the development of a comprehensive staffing and volume forecast model, based upon individual productivity standards, allowing management to proactively determine staffing needs during times of exceptional growth and declines in origination and servicing volumes.
• Managed the rebuilding of a Contract Administration division resulting in collections of $620 million over a six month period of time.
• In compliance with Sarbanes-Oxley, oversaw the evaluation, development, and testing of all Finance related internal controls.
• Through reduction in employee turnover, efficient utilization of technology, and implementation of numerous process improvements, managed an accounting department during a period of extraordinary corporate growth without having to add any accounting staff.
• Consolidated 200 temporary staff under the oversight of one national temp agency, reducing administrative mark-up charges from 50% of compensation to 25%.
I resigned from Aurora following the hiring of the third CEO at Aurora Loan Services in five years, acknowledging his desire to bring in new executive management in 3 of his top 5 positions.
2000-2002
BRIDGE INFORMATION SYSTEMS, INC.
St. Louis, Missouri
SENIOR VICE PRESIDENT – FINANCE & PLANNING
Following the merger of GreenPoint Mortgage with Headlands Mortgage, I was recommended to the CFO of Bridge by my audit partner for Metmor Financial. I was hired to oversee the day-to-day accounting functions located in the United States, London, and Singapore, as well as establish a Financial Planning and Reporting function for the company. Bridge, owned by the venture capital firm of Welsh, Carson, Anderson, and Stowe, was one of the largest providers of business news and financial information in the world. The total number of staff I supervised was approximately 100.
Within 30 days of joining the company I discovered assets on the books totaling nearly $50 million which were of questionable collectibility and not reserved. After presenting this finding to Welsh Carson, I engaged and oversaw 50 consultants with Deloitte Consulting and charged them with finding ways to improve business processes and controls in the areas of billing and collections, order management, sales and customer administration, product management, content and delivery methodologies and IT strategies. These efforts resulted in the following:
• Reduction in days sales outstanding by over 50%, reducing outstanding accounts receivable by over $80 million
• Reduction of monthly communication costs by $200K
• Credits from telecommunications carriers in excess of $9 million
• Identified requirements for a new billing system and began evaluation of potential vendors
Additionally, upon discovery of the accounting problems, I…
• Evaluated staff capabilities and hired a new Controller, Assistant Controller, and Managers of Financial Reporting and Accounts Receivable
• Oversaw the implementation of controls and processes for the accurate and timely close of financial reporting periods and the development of actionable financial management reports.
• Directed the completion of the implementation of SAP financial software in the United States and Asia.
Unfortunately the cash flow problems experienced by Bridge were so severe that the company filed for Chapter 11 bankruptcy. I worked closely with the restructuring officer from Alvarez and Marsal until the assets were ultimately sold, with most being purchased by Reuters of London.
1996-1999
GREENPOINT MORTGAGE CORP.
Charlotte, NC
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
GreenPoint Mortgage was a nationwide specialty finance company focused on the origination of Alt-A residential mortgage loans and a subsidiary of GreenPoint Financial Corp. (NYSE). In addition to my CFO responsibilities, I was also responsible for Human Resources, Training, Legal, General Services, and Corporate Administration.
My accomplishments at GreenPoint included the following:
• Conceived, developed, and implemented, as part of a three person executive committee, a sales, operations, and marketing strategy resulting in the creation of the most recognizable specialty mortgage product (True NoDoc®) in the country, increasing production by 500% to $3 billion.
• Directed the merger of finance functions for GreenPoint Bank’s $1.2 billion mortgage loan production and $9 billion servicing divisions into GreenPoint Mortgage Corp., resulting in 50% reduction of personnel expense.
• Developed work plan and led finance related due diligence efforts relating to the potential acquisition of two publicly held sub-prime mortgage companies. Recommended passing on both opportunities.
• Directed the creation of a complete budgeting, accounting, and reporting system enabling accurate assessment of all critical business activities.
1985-1995
METMOR FINANCIAL, INC
Overland Park, KS
1993-1995 EVP – RESIDENTIAL PRODUCTION AND MARKETING
1985-1993 CHIEF FINANCIAL OFFICER
Recommended by the audit partner for First Oklahoma Bancorporation, I was hired as the first Chief Financial Officer and 28th employee of a company formed by Metropolitan Life Insurance Company. Over ten years, Metmor built a nationwide residential and commercial loan production and servicing company, growing to 750 employees who serviced $14 billion and produced $2 billion of residential and commercial mortgages.
As the CFO for a new company, I oversaw the development of all financial controls and accounting policies and procedures, the hiring of a Controller and all accounting staff, the creation of a comprehensive Financial Planning, Reporting, and Budgeting function, the hiring of Treasury staff and the negotiation of operating and warehouse lines of credit up to $600 million.
As the company grew, the CEO asked me to assume additional responsibilities for Human Resources, General Services, Professional Development and Management Information Services. A change in CEO’s in 1993 resulted in the new CEO asking me to give up my CFO and administrative responsibilities and become the company’s Executive Vice President, with responsibility for 225 employees in the areas of residential mortgage loan production, production operations, process re-engineering and secondary marketing.
Additional accomplishments included the following:
• Directed the consolidation of all finance functions in the merger of two nationwide mortgage banking companies, resulting in 50% reduction of personnel expense.
• Guided the professional development and mentored staff in all finance and administrative areas resulting in 15 promotions to officer level positions both within and outside their original areas of training and expertise, including 2 to senior officer positions and 3 to vice president positions.
• Oversaw and implemented a total re-engineering of residential loan origination and processing functions, including the first use of laptop computers, artificial intelligence, and centralized processing, cutting cost of origination by 50%
• Conceived and administered a structured monthly review of retail and wholesale production operations, facilitating quicker managerial responses, resulting in record profitability, productivity and production volumes in 1995.
1982-1985 FIRST OKLAHOMA BANCORPORATION, INC.
Vice President - Finance
Oklahoma City, OK
1981-1982 CLEMENTS ENERGY, INC.
Chief Financial Officer
Oklahoma City, OK
1974-1981 ARTHUR ANDERSEN & CO.
Audit Manager
Oklahoma City, OK
EDUCATION & PROFESSIONAL DESIGNATIONS
BS, Business/Accounting – Phillips University – 1974
Certified Public Accountant – 1975
PERSONAL
Born March 27, 1952
Married, 3 adult children |
