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Fannie Mae exec Andrew Peters leaves for Lenderworks

Former single family lending exec is now president of mortgage vendor

National mortgage services provider Lenderworks has brought on Fannie Mae‘s head of single-family strategy Andrew Peters as president, the company said Monday.

Peters served as a strategy consultant for the government sponsored enterprise before rising to the position of vice president, head of single family strategy for nearly two years.

The bulk of Peters’ 25 years of experience in the field took place at First Guaranty Mortgage Company, where he began as an underwriting manager in the late 1990s and eventually moved up to become national wholesale sales manager. In 2011, Peters took helm of the mortgage lender as CEO and served on the board for three of the almost seven years he lead the company.

According to Lenderworks, Peters will be in charge of implementing the company’s growth strategy, as well as overseeing the expansion of its industry footprint.

“We are entering a unique market scenario, and a number of trends suggest that many small to mid-sized lenders are seeking to do what they do best—sell and produce loans—without being stifled by complex infrastructure requirements and a spider web of technology offerings,” Peters said in a statement.

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Peters succeeded industry veteran Banks Gatchel, who had served as president for just over two years at Lenderworks. Gatchel announced on April 2 that he was appointed the president of First Heritage Mortgage.

Peter’s departure represents another significant loss for one of the GSEs following the failure to leave conservatorship. Desmond Smith, Fannie Mae’s former senior vice president and chief customer officer for single family business, left less than two months ago to help United Wholesale Mortgage continue its ascension as chief growth officer. In January, Fannie Mae’s head of digital products, Henry Cason, announced his move to become CEO of FinLocker after 27 years of work at the GSE.

Andrew Bon Salle, the former head of Fannie Mae’s single-family business, left in the fall prior to being named chairman of wholesale lender Homepoint earlier this year, weeks before the company went public. Freddie Mac’s David Brickman also stepped down as president in the fall, and Jeffery Walker, chief strategy officer of Fannie Mae, also left last year.

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