Wholesale and retail lender Caliber Funding LLC announced that its chief executive officer Brian Simon is no longer with the organization. In addition, the firm named Jim Ferriter president, effective immediately.

A press release from the company says Ferriter as president is succeeding the former CEO Brian Simon. No reason was given for Simon's departure. When asked if a search for a new CEO is underway, a spokesperson for the organization declined to provide additional details.

Ferriter recently served Caliber Funding as senior vice president of retail production.

"Caliber represents an exciting opportunity in the mortgage origination business, and it has been growing significantly over the past year," Ferriter said. "I look forward to working with the team here of talented professionals to deliver an improved experience to our customers and business partners in wholesale and retail mortgage services."

All of the executive changes took effect late last week.