First Guaranty rewards business director with promotion to CEO
First Guaranty Mortgage Corp., the wholesale and retail national lender, promoted Andrew Peters to the position of chief executive officer. His recent focus has been on real estate owned lending initiatives, including First Guaranty's “Rebuild the Dream” initiative, which was designed to facilitate renovation lending in combination with REO sales. Recently, the wholesale and retail lender put all of its related products under one umbrella, in order to push loan originations, in a one-stop shop it calls Correspondent’s Edge. Peters led the rollout of that concept. The niche-focused product line will include manufactured housing loans and rehabilitation loans such as a Department of Housing and Urban Development 203k or Fannie Mae HomePath loan. "Andrew understands that the mortgage lending business is changing dramatically and that the successful mortgage lenders will be those which adapt," said Kenneth Clark, founder of First Guaranty. "His creativity and ability to adapt to change, in combination with his aptitude for communicating the First Guaranty vision to others, make him an excellent choice for his new role." First Guaranty would not comment on the departure of the former CEO Marjorie Stafford Rice, and her LinkedIn profile page is not yet updated, as of press time. Write to Jacob Gaffney. Follow him on Twitter: @JacobGaffney.