Knight Capital Group, the parent company of Urban Financial Group announced changes to their mortgage trading division with the appointment of C. Darren Stumberger as Managing Director and the exit of David Fontanilla the head HMBS mortgage trader.
Mr. Stumberger joins Knight from Bank of America Merrill Lynch where he was responsible for trading and risk management of reverse mortgages in Global Banking and Capital Markets. At Knight, he will trade mortgage and structured products as part of the ABS/MBS team with a specific focus on the firm’s growing reverse mortgage and HMBS business. Mr. Stumberger will report to Bob Lyons and Al Lhota, Co-Heads of Global Fixed Income.
“Knight is expanding upon the firm’s position as a leading provider of reverse mortgages and HMBS securities in a growing market,” said Mr. Lyons. “Darren’s specialized experience in HMBS will help advance our efforts at a time of great opportunity. Upon joining Knight, he will oversee securitization, pricing, valuation, trading and risk management.”
In an email, the company confirmed that Mr. Fontanilla has left the company but was unable to provide additional detail regarding his exit. Fontanilla was the head trader of HECM mortgage backed securities for the firm. He also serves on board of directors for NRMLA and is the co-chair of the Product Development & Capital Markets Subcommittee. Although Mr. Stumberger's role does include some of the duties performed by Fontanilla, his appointment was not considered to be a replacement of the role vacated by Fontanilla.