Steven Abreu joins Ellington Management Groupas head of mortgage originations to launch the company’s new mortgage originations business.
Currently, Ellington is an investment and advisory firm and is now expanding into the originations side.
The market is quickly wrapping up the tail end of the housing market crash, and as a result, the market is trying to position itself for the upcoming growth in the purchase market.
Meanwhile, Ellington is just one of many companies expanding its mortgage division.
"Ellington Financial, with its flexible corporate structure and over $650 million of equity capital following its recent capital raise, will benefit greatly from having its own mortgage origination and servicing platform," said Michael Vranos, Ellington Management Group's CEO.
He added, "The mortgage origination business is not only profitable in its own right, but over time will provide Ellington Financial with a steady pipeline of attractive long-term investments."
In his new role, Abreu is in charge of the firm's efforts to acquire one or more mortgage originators and will oversee both agency and non-agency mortgage originations, including refinancings, purchase loans and retention of servicing rights.
Previously, Abreu was the former president of GMAC Mortgage and joins Ellington as head of mortgage originations.
"I saw a unique opportunity with Ellington, as it is a firm that brings analytical and capital markets expertise to the front end of the mortgage origination process," said Abreu.
He explained, "The mortgage industry continues to undergo rapid change and I am confident that we can build an origination and servicing platform that will adapt to those changes and will better meet the needs of the consumer."