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SoFi hires former Goldman Sachs head of mortgage securitization as new CFO

Does Michelle Gill’s hiring mean more mortgage securitizations are coming?

Over the last few years, SoFi has become a fairly regular issuer of loan securitizations, whether they are backed by mortgages, personal loans, or student loans.

In fact, the online lender said Monday that it just completed its largest-ever quarter for loan securitizations, completing $2.6 billion in loan securitizations in the first quarter of 2018 – an increase of 35% over the first quarter of 2017.

Now, it looks like SoFi may be making a bigger move into securitizations by hiring the former head of mortgage securitization at Goldman Sachs as its new chief financial officer.

SoFi announced Monday that it named Michelle Gill as the company’s new CFO.

Gill comes to SoFi from TPG Sixth Street Partners, a credit firm. Gill joined TPG last year after a lengthy term at Goldman Sachs.

Gill spent 14 years at Goldman Sachs, eventually serving as a partner and co-heading the firm’s structured finance business.

According to the Wall Street Journal, Gill “rose through the ranks of Goldman’s mortgage-bond unit before the financial crisis, and after it, helped develop the firm’s consumer-finance business, which trades loans backed by auto, student and unsecured personal debt.”

And now, Gill is coming to SoFi.

This isn’t the first time in recent memory that SoFi dipped into the Goldman Sachs pool for a high-ranking hire.

Earlier this year, SoFi hired Twitter Chief Operating Officer Anthony Noto as its new CEO to replace Mike Cagney, who abruptly resigned as CEO back in September with the company embroiled in controversy.

Noto came to Twitter in July 2014 to serve as chief financial officer, before being promoted to COO in 2016. Before joining Twitter, Noto served for nearly four years as co-head of global TMT investment banking at Goldman Sachs.

“We’re thrilled to have Michelle join the SoFi team. She has deep financial expertise, a passion for our mission, and knows our business in and out having been our lead banker for several years,” Noto said of Gill. “Michelle is also an exceptional leader who has a passion for building a great culture. I look forward to partnering with her as we continue to build the next great consumer financial services company.”

Gill replaces interim CFO Steven Freiberg, who took that role in May 2017. Freiberg also serves as the vice chairman of SoFi’s board of directors and will remain in that role after Gill officially takes over as CFO on April 30.

“I am excited to be joining Anthony and the team at SoFi in building an innovative and inclusive culture that will radically change the way people approach their finances,” Gill said. “The company’s impressive financial strength paired with its talented team gives SoFi the opportunity to expand the breadth of its offerings and ultimately help more members achieve success.”

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