“Jim is an industry veteran who has extensive experience running distributed retail operations, both in a bank and non-bank environment,” said Lee Smith, president of Mortgage at Flagstar. “He’s a results-oriented team-builder with a demonstrated ability to grow people and organizations.”
Most recently, he was chief production officer at Proper Rate, after serving for four years as the national retail president at Stearns Lending, according to his LinkedIn profile.
Linnane was director of national salesat Guaranteed Rate between May 2016 and November 2017. That followed a 15 year career at Wells Fargo Home Mortgage, the last 10 as a senior vice president – divisional manager.
For the fourth quarter of 2021 distributed retail made up $1.8 billion of the $3.8 billion total production in the channel at Flagstar (the company has not yet announced first quarter results), with the remainder coming from direct-to-consumer.
Distributed retail has had a diminishing share over the prior five quarters; in the fourth quarter of 2020, it contributed $3.2 billion of the $4.1 billion total. This slipped to $3 billion in the first quarter last year, then down to$2.4 billion in the second and $2.1 billion in the third. Over the same three quarters, direct lending production was $1.6 billion; $1.9 billion; and $2 billion, respectively.
Retail is the second largest of Flagstar’s origination channels. Correspondent made up $5.9 billion of the fourth quarter 2021 production, while wholesale brought in $1 billion.
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