Cenlar FSB said Tuesday that founding CEO Micheal Young will step down from his post, and that president Gregory Tornquist will take over the reigns for the mortgage subservicing operation. Young will remain chairman on the Boards of both Cenlar FSB and Cenlar Capital Corporation, according to a press statement by the firm. Since joining Cenlar in 1987, Tornquist has played a lead role in the company’s servicing and subservicing business, becoming CFO in 1998, EVP in 2004, and president in 2006. He was elected to Cenlar Capital’s board of directors in 1999 and Cenlar FSB’s board in 2005. The management change is the first major executive change at the Ewing, New Jersey-based company since its incorporation in 1984. Cenlar FSB is one of the nation’s largest subservicers, and specializes in mortgage and HELOC subservicing, handling over 400,000 mortgages annually from all 50 states through its customized private label service to its client base, which includes banks, credit unions, thrifts, mortgage bankers, REITs and GSEs. For more information, visit http://www.cenlar.com.
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