Live Oak Bancshares and its subsidiary Live Oak Bank have appointed Casey Crawford, the co-founder and chief executive officer of Movement Mortgage, to its board of directors.
North Carolina-based Live Oak Bank’s goal is to be “America’s small business bank,” its chairman and CEO, James S. “Chip” Mahan, said in a statement. He added Crawford’s “depth of executive experience, including lending expertise, will be an excellent addition” to the board.
Founded in 2008, Live Oak Bank has a digital, cloud-based bank serving small business owners in all 50 states.
Crawford, a former pro football player, founded distributed retail nonbank Movement Mortgage in 2008. Crawford said he joined the board of directors of Live Oak to transform “the way banking is done.”
South Carolina-based Movement has a network of loan officers in more than 775 locations nationwide and more than 4,500 employees, according to its website.
Not immune to the downturn in the mortgage market, the lender originated $6.7 billion in the first quarter of 2022, down 17% quarter-over-quarter and a decline of 20% year-over-year, according to Inside Mortgage Finance.
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In March, the lender laid off around 170 employees, multiple company sources told HousingWire, in another case of a top-25 mortgage lender paring back its workforce due to a more challenging origination landscape.
The latest pink slip wave represents the second large-scale layoff Movement has made in the last five years. Movement cut 180 jobs in 2018 due to a nationwide downturn in the housing and mortgage market.