Xetus appoints CEO to lead 2011 platform expansion
Scott Stein was promoted to president and CEO of mortgage technology firm Xetus, with the primary duty of leading a platform expansion effort through 2011. Stein was formerly vice president of the firm. Privately held Xetus, based in Palo Alto, Calif., had a record-breaking year in terms of business expansion. The firm said its customer base jumped 25% during the year and revenue grew three-fold. Stein said a well-rounded knowledge base is pushing his firm ahead. "The industry is moving away from vertical specialists and toward skilled generalists capable of competently handling multiple tasks," Stein said. He added that Xetus will introduce a number of new tools in the forthcoming year to enhance the company's origination, subordination and loan modification offerings. The company's current loan platform is called XetusOne, which gives users the ability to begin originating loans over the Internet. Stein said Xetus is going further with its research and development this year, as well as recruiting additional software engineers for the project. "We are making a significant, long-term investment in the way we deliver service to our client base to better serve our customers and anticipate their needs," Stein said. "We are excited to offer these new, enhanced capabilities." Write to Christine Ricciardi.