Malcap Mortgage has named Michael P. Lee its new chief executive officer. He has taken over from John Miller, who is now the Nashville-based firm’s chief marketing officer.
Lee is a past executive vice president and head of retail lending at United Financial Mortgage Corp., which shut its doors in the summer of 2007 – after Lee had left the company. Before his time at United Financial, Lee was a regional vice president at homebuilder Centex Corp., where he helped build its Eastern retail home equity division.
Miller said he’s moving aside because Malcap is now at a level “where my experience is pretty much tapped out.” Fast-growing Malcap had 2009 loan originations of $151 million. Miller last month said his goal is to push that number to $200 million. Revenues are expected to grow to $5 million as several dozen loan officers come on board.
Lee, who left the mortgage industry after his time at United Financial, said he chose to join Malcap after taking some time to get to know its online-only business model as well as Miller and fellow principals Josh Malnofski and John Miller Sr.
“The reason I decided to join Malcap Mortgage was largely due to the chemistry between myself and the executive team,” he said. “In addition, the company has built a solid platform for growth and I believe the timing in the market over the next few years creates a tremendous opportunity for loan execution.”
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