Q&A with Mike Williams: Former Fannie Mae Chief Executive Officer Mike Williams Sat Down with Mortgage Banking to Talk about His New Job Leading Prospect Mortgage

By Hewitt, Janet Reilley | Mortgage Banking, September 2014 | Go to article overview

Q&A with Mike Williams: Former Fannie Mae Chief Executive Officer Mike Williams Sat Down with Mortgage Banking to Talk about His New Job Leading Prospect Mortgage


Hewitt, Janet Reilley, Mortgage Banking


Former Fannie Mae Chief Executive Officer (CEO) Michael J. Williams became chairman of the board of Prospect Mortgage in December 2012. In June of this year, he added another new title to his resume when he took the helm as Prospect's CEO. Williams will help grow the Southern California-based national mortgage lender at a time when its track record as a specialist in purchase money lending will come in handy. [paragraph] Mortgage Banking sat down with Williams in Washington, D.C., recently to talk about the strategy for expanding the company's retail platform, adapting to a more challenging regulatory environment and growing the lender's footprint. We also talked about buyback demands and government-sponsored enterprise (GSE) reform efforts. [paragraph] Williams takes over the CEO job from Ronald L. Bergum, who built Prospect Mortgage from the ground up and who now becomes managing partner. Prospect Mortgage is backed by Sterling Partners, a Chicago-based private-equity firm.

Q: The official press release says you became Prospect Mortgage's new CEO effective June 20. Was that the date that you were first walking around the building as CEO?

A: Actually I started the week of the 16th, and was on site with the team working with them immediately. We did an all-hands meeting on the 18th, and on the 19th I did an offsite meeting with the leadership team. And the following week we had our first board meeting post-transition. So, it's been a busy two weeks.

Q: So how were you first introduced to Prospect Mortgage?

A: It's an interesting story. When I took over as [Fannie Mae] CEO in 2009, obviously you remember those days; it was very challenging. We were all focused on helping distressed borrowers and developing HAMP [the Home Affordable Modification Program], HARP [the Home Affordable Refinance Program] and [other initiatives].

I also wanted to make sure that I didn't lose touch with what was happening in the primary market. Because ultimately, we all knew--housing recovery would be the key.

So I asked my team in sales for a couple of customers that I should meet with on a regular basis. And one of those organizations was Prospect Mortgage and Ron Bergum [then CEO of Prospect Mortgage and now managing partner of the company].

So, Ron and I struck up a nice relationship. I met with him and I met with others like Bill Emerson [CEO of Quicken Loans Inc.], and folks from around the country that were really still serving the primary market.

Ron and I started working together. They ended up being a big partner of ours on [Fannie Mae's] HomePath initiative.

Talking with Ron, Bill and others like Dave Applegate [of Homeward Residential] gave me the opportunity to stay very connected to what was happening on the ground. We all knew eventually we would get through the delinquencies, loan modifications and refinances. And then ultimately you've got to get back to a purchase money market.

I was fairly impressed by Prospect because, in the midst of everything that was going on, they were still doing the majority of their business as purchase money. So even in the days when we were seeing 70 to 80 percent refinance, they were still doing 55 [percent] to 70 percent purchase money.

That told me they had something special going on there in terms of their market penetration and their focus on purchase money business. So, that's how I got connected with them and worked with Ron over the years.

Q: So, how does your Realogy board involvement figure into the picture? [In November 2012, Williams was appointed to the board of directors of Realogy Holdings Corporation, a holding company over several leading real-estate-brokerage franchise companies including Century 21[R], Coldwell Banker[R], ERA[R], Sotheby's International Realty[R] and Better Homes and Gardens[R].]

A: First of all, they are just a great company. They are wonderful at what they do. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Q&A with Mike Williams: Former Fannie Mae Chief Executive Officer Mike Williams Sat Down with Mortgage Banking to Talk about His New Job Leading Prospect Mortgage
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.