Lone Star Funds, which buys non-performing mortgages by the truckload from Fannie Mae and Freddie Mac and is the parent company of Caliber Home Loans, announced this week that Sam Loughlin, the company’s president of the North America region, is stepping down.

According to an announcement provided to HousingWire by the company, Loughlin will be replaced by Nick Beevers, who previously served as executive vice president and chief of staff to Lone Star’s global president, André Collin.

The company did not provide a reason for Loughlin’s departure.

Beevers joined Lone Star in 2011 as the company’s head of investor relations. In his most recent role, Beevers “supported (Collin) in the day-to-day leadership and management of Lone Star and has become involved in nearly every aspect of the firm’s strategy, investments, and operations,” the company said.

The New York Times first reported that Loughlin was leaving, citing an internal memo from Collin.

From the Times report:

In the memo, a copy of which was reviewed by The New York Times, Mr. Collin said this was a “pivotal time” to “realize the substantial value of our North American portfolio.”

It is not clear to what Mr. Collin was referring, but Lone Star, which opened in 1995, is now on its 17th investment fund. Some of the funds are focused on buying assets and companies in Europe as well as in the United States and Asia.

According to the company’s release, Lone Star currently oversees assets worth approximately $70 billion across 32 countries and 470 investments, including Caliber Home Loans, which is jointly owned by two of Lone Star’s funds.

A representative from Caliber told HousingWire that the company’s operations should not be affected by Loughlin’s departure.

For more on Lone Star, click here for additional details from the New York Times.