California-headquartered lender American Pacific Mortgage (APM) has hired back its former CFO Prateek Khokhar. Khokhar shall be filling the CFO place, which was beforehand held by Paul Hubbard for greater than three years.
Hubbard – who has been within the mortgage business for 38 years – formally retired earlier this month, in keeping with a LinkedIn post from Invoice Lowman, vice chairman at APM.
“Prateek brings a contemporary perspective and nice power to the corporate, and we’re thrilled to have him again as a part of our APM Household,” Lowman stated.
Prateek was the CFO at APM for almost three years, a job held till January 2020. He additionally served as CFO at Civic Monetary Companies, Supreme Lending and Mission Loans earlier than returning to APM.
APM didn’t present further feedback on Prateek’s duties.
Whereas the California lender noticed manufacturing drop about 42% to $13.8 billion in 2022, due largely to the rate of interest setting and the refi enterprise dwindling, Prateek joins the corporate at a time when APM has been in enlargement mode.
In 2022 alone, APM acquired 11 branches from Arizona-based Sunstreet Lending and Sunstreet, 25 branches from the Minnesota retail lender Lend Smart Mortgage and 51 branches from AmeriFirst Financial Inc.
The lender additionally introduced over at the least 45 former retail branches from Finance of America Firms Inc. (FoA) months after it shut down its ahead mortgage section.
All in all, 900 staff joined the corporate from the 4 offers APM accomplished final yr, together with 540 LOs, Lowman stated in a previous interview with HousingWire.
Lowman projected a 25% quantity improve for APMs manufacturing in 2023 — at a time when origination for the business is anticipated to say no about 10 to fifteen% from 2022.
Lowman had beforehand stated that it’s in conversations with “a variety of lenders,” declining to say additional particulars.
“The extra the disruption, the extra the chance. When it’s too robust for them, it’s excellent for us. We went into this declining market ready to benefit from it,” Lowman stated.