Tennessee Housing Development Agency has hired Stephen A. Fisher to open its new servicing division.
Mr. Fisher created the Loan Servicing Department at West Virginia Development Fund in 1989, bringing servicing in-house from 40 lenders.
Mr. Fisher has served West Virginia's housing finance agency since 1985, most recently as deputy director of Program Operations.
"We believe Steve Fisher is the right person to lead THDA's move into loan servicing,"said
THDA Executive Director Ralph M.
Perrey. "He has extensive experience, business savvy, proven leadership ability, and he is familiar with the way state housing finance agencies operate. We are excited to have him join our team."
"The Loan Servicing business has changed dramatically since the mortgage crisis," said Mr. Fisher. "Customer service is more important than ever as technology impacts operations and is also highly valued by customers. I am excited to join the THDA team to help integrate the efficiencies and regulatory focus required in the Loan Servicing business into the mission of Leading Tennessee Home."
THDA has purchased over 113,000 mortgage loans through local lenders in its 42 years of loan production and holds a $2 billion portfolio of 25,000 loans. THDA has traditionally outsourced loan servicing but given the significant changes within the industry in recent years THDA will realize significant cost savings over time by handling servicing of its own loans. The move offers the additional benefit of closer connection to THDA borrowers, officials said.