Magazine article American Banker

Ex-B of A Honcho Leading Web Site Creator Ellie Mae

Magazine article American Banker

Ex-B of A Honcho Leading Web Site Creator Ellie Mae

Article excerpt

Arthur D. Ringwald, who took Bank of America's mortgage unit from a regional shop in San Francisco to a national powerhouse before the bank merged with NationsBank, has left the company to run a technology firm.

Mr. Ringwald, 54, took the helm this month at Ellie Mae Inc., a Dublin, Calif., venture focused on customizing sites for mortgage brokers.

He had been head of retail production at Bank of America. The merged company, which retained the Bank of America name but moved its headquarters to Charlotte, N.C., was the fourth-largest originator last year, with $63 billion, according to National Mortgage News, a sister publication of American Banker.

Ellie Mae is a shortening of Electronic Mortgage Affiliates. The two-year-old company plans in mid-April to begin operating an online "business center" that brokers could use to communicate electronically with lenders and providers of ancillary services such as title insurance and appraisals.

"We're trying to become an Internet conduit that connects mortgage brokers to lenders and vendors," Mr. Ringwald said in an interview Tuesday.

A consortium of investors, consisting mostly of venture capital firms and individuals but including GreenPoint Financial Corp. of New York, owns Ellie Mae. Noting that GreenPoint holds less than 2%, Mr. Ringwald stressed that "no lender controls us at all."

As president and chief executive officer, Mr. Ringwald reports to Sig Anderman, Ellie Mae's chairman and founder.

Mr. …

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