Sierra Pacific Mortgage Announces the Hire of Mike Bugbee as Correspondent Division Manager

    FOLSOM, CA, May 22, 2013 /24-7PressRelease/ -- Sierra Pacific Mortgage Corporation is pleased to announce that mortgage industry veteran Mike Bugbee has joined the firm as Correspondent Division Manager and will be responsible for leading the introduction and growth of its national correspondent channel. Before joining Sierra Pacific Mortgage, Mike spent 17 years at GMAC-RFC helping them become an industry-leading correspondent conduit. Prior to that, Mike spent 6 years in fixed income sales, most notably with Paine Webber real estate securities New York offices. Mikes broad industry background and proven success in building and leading sales efforts will be a catalyst to accomplish Sierra Pacific's goal of establishing a strong national correspondent business.

"We are very excited by the creation of the new division and inspired to have a top level correspondent executive like Mike Bugbee," said Mr. Chuck Iverson, Vice President of Production at Sierra Pacific Mortgage. "His knowledge and experience will enable us to jump-start our Correspondent Division, which is a key strategic initiative for us in 2013 and beyond."

Sierra Pacific Mortgage made the strategic decision in the second half of 2012 to add to its existing wholesale and retail origination structures by creating a channel to buy closed loans from correspondent lenders. The company sees opportunity in the channel as a result of the major banks exiting the channel, and growth in the number of small correspondents due to regulatory and industry changes.

In addition to the recent hire of Mr. Bugbee, late last year Sierra Pacific Mortgage hired Mr. Bill Ballew to head up the product design and operations of the Correspondent Lending Division. Mr. Ballew has held senior positions in the mortgage industry since 1989, and came to Sierra Pacific Mortgage from Nationstar Mortgage where he was involved in the management of the wholesale and correspondent divisions. Prior to his tenure at Nationstar, Mr. Ballew held the title of Vice President of Correspondent Operations at Citi, Aurora Loan Services, and GreenPoint Mortgage.

The company plans on launching this division in mid-2013.

About Sierra Pacific Mortgage:
Sierra Pacific Mortgage is a leading national mortgage banking company, based in Folsom, CA and serving the retail, wholesale and correspondent mortgage banking markets in 48 states through 12 regional fulfillment centers. Sierra Pacific's mission is to deliver consistent, competitive pricing, and to provide its customers the finest experience through streamlined systems, the best industry tools, effective communication, and superior customer service with every branch, every day.

For more information or to contact Sierra Pacific Mortgage, call (916) 932-1700. Please send all correspondence to Sierra Pacific Mortgage, 1180 Iron Point Road, Suite 200, Folsom, CA 95630.

Public Relations by Achieve DMA. For more information, go to www.sacramento-marketing.com

# # #