Magazine article American Banker

Former Anchor Chief Lands Top Berth at GFC; GE Servicing Exec Quits

Magazine article American Banker

Former Anchor Chief Lands Top Berth at GFC; GE Servicing Exec Quits

Article excerpt

Charles W. Sewright, who headed Anchor Mortgage Services until its merger with Dime Savings Bank, has landed a new job.

Mr. Sewright, 49, this month joined GFC Mortgage Bankers Inc., New York, as president and chief executive officer.

(In another personnel development, Stuart McFarland, an executive vice president of GE Mortgage Services Inc., has resigned. See below.)

With $200 million in annual originations, GFC is far smaller than Anchor was. But Mr. Sewright said the company has ambitious growth plans.

"I think there are lots of opportunities for independent mortgage bankers, contrary to the opinion that everything is going to be run by 40 or 50 institutionally owned mortgage companies," Mr. Sewright said in a recent telephone interview.

GFC originates loans primarily in New York, and plans to make a push into New Jersey and Connecticut, he said.

It also plans to build a residential servicing portfolio, either through acquisitions or on its own, Mr. Sewright said. He declined to discuss the company's specific targets in either area.

As banks buy up an ever larger share of the mortgage industry, Mr. Sewright said independent companies still enjoy substantial advantages. They can be nimbler than large companies and are not burdened by high fixed costs, he said.

In the servicing business, for example, a small company cannot match the low costs per loan at servicing giants. But a relatively small servicer can still make enough profit to satisfy private owners, if not public shareholders, he said. …

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