Prospect Mortgage hired former Fannie Mae CEO Michael Williams as its new CEO.

In his new role, Williams is responsible for leading Prospect into its next phase using his extensive experience in the mortgage industry.

Williams has been on the company’s Board of Directors since December 2012 and assumes the leadership role from Ronald Bergum, who will transition into his new role as managing partner. 

"As Chairman, I have always been impressed with Prospect's industry leadership and the power of its retail purchase lending platform.  Now, as the housing finance system continues to undergo substantial change, I believe we are well positioned to expand our retail platform and accelerate the next phase of the company's growth," said Williams.

"Ron's vision and passion for the business have enabled Prospect to attract a strong and seasoned leadership team and loan officers who are unrivaled in our industry.  I look forward to working closely with Ron, the team and Sterling Partners in my new capacity."

"When Mike was appointed Chairman, he brought extensive background and understanding of the residential housing sector, the regulatory landscape and the mortgage finance industry to Prospect, and those attributes have been instrumental to our recent growth at a time when other lenders are shrinking and closing," said Bergum.

Over the past year, Prospect has entered into an agreement to sell its appraisal management company Velocette Resource Group, in addition to acquiring retail mortgage branch operations from Impac Mortgage.