Ditech and GMAC Direct Dec. ’04 – Present
Senior Vice President, Chief Financial Officer and Chief Administrative Officer
; Directed the restructure of all financial functions including pricing, profitability, forecasting and reporting. Resulted in enhancement of revenue by developing products more attuned to the market, setting pricing aligned with the market, cessation of
product offerings which were unprofitable and enforcement of pricing discipline across the organization. ; Led Strategic Planning efforts for 2006, 2007 and 2008 Plan, including development and implementation of Outsourcing strategy for Customer Care and Reception leading to longer-term plan of Outsourcing many operational functions which, over the longer-term, should provide Ditech with $20MM annually in Salary, Commission and Occupancy savings. Partnered with operations to identify cost saves in a $75MM budget for Title, Escrow, Flood, Recording, Appraisal, Signing and Credit. ; Partnered with the Corporate Real Estate Group to assess lease options in Costa Mesa and Phoenix to provide Ditech with cost savings and optimal long-term lease flexibility as we transitioned much of the back-office operations to Arizona. ; Created a new department at Ditech responsible for handling all aspects of marketing and advertising analytics. These functions
had historically been outsourced to vendors responsible for placing the advertising. Personally recruited and hired two PhDs with
extensive backgrounds in the application of statistics in marketing and neural network development. Developed analytics and metrics to better track and optimize $90MM Advertising Plan in 2006 down to $65MM in 2007 and $40MM in 2008 and 2009. ; Results: from 2005 to 2008, Ditech Volume shrank by 50 percent while pretax margins, before corporate overhead, nearly tripled from 33 bps to 95 bps. Profit per funded unit increased 423 percent from $131 in 2005 to $685 in 2008. Sales and operations costs were reduced from 110 bps in 2005 to 69 bps in 2008, a 37 percent reduction. By optimizing product mix, pricing and targeted marketing, average loan size increased from $106,000 in 2005 to $189,000 in 2008 while average funded FICO increased from 693 to 720.
Wells Fargo Bank – Home Equity Division Sep. ’02 – Nov. ’04
Vice President and Chief Financial Officer
; CFO for four, home equity operating divisions that funded $2.5 billion a month and had a $30 billion balance sheet (2nds – not stsub-prime and some 1 Lien ARM) generated from four divisions – Retail, Wholesale, Correspondent and Internet. Home
Equity Plan for 2005 was $1.0 billion in Net Income.
; Directed financial functions including pricing, forecasting, planning, reporting, analysis, capital markets & MIS. ; Developed strategies for increasing market penetration, minimizing outlying risks and maximizing cash flows. ; Participated in the development and execution of a capital markets strategy and infrastructure designed to originate and sell from
$5B to $10B per annum in the ABS market.
Travelers Investment Corporation Feb. ’01 – Jan. ’02
Vice President and Chief Financial Officer
;Hired to turn around an under-performing, sub-prime consumer finance lending, servicing and collection business. ;Developed strategy and plan for new owners to restructure operations, install new systems, hire new management, raise capital and develop new business.
LIFE Bank Mar. ’99 – Jan. ’01
Vice President – Finance and Treasurer, Interim CIO Jul. ’00 - Jan. ’01
; Developed a forecasting model and strategic plan to restructure the business – primarily mortgage banking.
; Participated in capital structure decisions. Responsible for funding and liquidity.
Managing Director – Consumer Finance Mar. ’99 – Jun. ’00
; Built and managed a de novo Consumer Finance Division, and directed business development.
; Developed strategic plan, negotiated legal agreements, established credit policy, and determined pricing.
FIRSTPLUS Financial, Inc. Oct. ’97 – Feb. ’99
Senior Vice President and Chief Financial Officer, FIRSTPLUS DIRECT Apr. ’98 – Feb. ’99
; Managed a 1,300 person HLTV mortgage origination unit with monthly direct mail shipments of 23MM pieces and originations of $70MM. Responsible for 100 Accounting, Finance, IT and Telecom employees.
; Developed methodology for increasing direct mail response rates and conversion rates.
; Implemented policies that resulted in improvements in cash flow, loan funding and payable tracking. Senior Vice President, Strategic Planning, M&A and Interim CIO, FIRSTPLUS Financial Oct. ’97 – Mar. ’98
; Reviewed acquisitions, assessed new lines of business and evaluated alternative capital structures. ; Assumed CIO role and managed over 250 employees and consultants during a rapid growth period.
John Mark Bunnel
First USA, Inc. (A BANC ONE Company) Aug.’96 – Sep. ’97
Vice President – Credit Card Asset Securitization Group Apr. ’97 – Sep. ’97
; Managed credit card securitizations including directing the activities of investment bankers, attorneys, accountants, ratings agencies and internal staff. Presented recommendations on timing, maturity and pricing of deals to Treasurer and CFO. ; Developed presentations for investment banks, rating agencies and institutional investors.
; Maintained daily contact with core group of investment banks and institutional investors to monitor the issuance pipeline and supply and demand factors.
; Raised over $6.0 billion with $4.5 billion raised in a 90 day period.
Vice President - Financial Forecasting Aug. '96 – Mar. ’97
; Orchestrated corporate forecasting and budgeting, maintained earnings model, and reviewed regularly with Investor Relations and CFO to assess validity of earnings targets and determine necessary action.
; Served on a task force to assess the impact of SFAS 125 and prepare a recommendation for implementation. ; Played a key role in running multiple financial scenarios during the acquisition due diligence with Banc One.
Ernst & Young LLP Jun. ’89 – Jul. ’96
Manager – Financial Advisory Services Group Jul. ’94 – Jul. ’96
; Designed and implemented economic value added (EVA) measurement systems. Educated management and advised clients in creating models to measure the value creation of various strategic initiatives and business units. Clients included PNC Bank, TU
Electric, and Piggly Wiggly.
; Worked directly with the Presidents and CFOs of Loomis Armored and Wells Fargo Armored in merger due diligence. Assessed the viability of cost saving scenarios and modeled financial impact. Resulted in the purchase of Wells Fargo Armored by Wingate
Partners, the merchant banking parent of Loomis Armored.
; Conducted due diligence for a group of banks to assess strategies in dealing with a distressed company. Conducted peer analysis,
evaluated asset sales proposals, and prepared weekly cash reports for the bank group.
Senior Consultant - Financial Advisory Services Group Jul. ’90 – Jun. ’94
; Modeled and verified $4 billion in CMO securitizations and verified accuracy of Prospectus and Prospectus Supplement. Confirmed collateral demographics, modeled collateral cash flows, and modeled bond payments.
; Performed due diligence to determine strategies for maximizing cash flows from a $4B commercial and real estate loan portfolio formed in the merger between Bank of America and Security Pacific. Culminated in the sale and securitization of $1.7 billion in
real estate loans to a Morgan Stanley Fund.
;Served on the restructuring/reorganization consulting team for Lomas Realty Corporation, Southmark Corporation, and Fairfield Communities where I focused on building financial restructuring models, validating property valuations, and assessing property level cash requirements.
; Designed and developed an Excel-based, prototype Corporate Lending Model for NationsBank. Worked with Focus Groups to design comprehensive and user-friendly modules to replace existing analytical software used by the Corporate Lending, Investment Banking and Syndication Groups
; Assisted an investment boutique in the acquisition due diligence of a pioneering, oncology practice. Provided due diligence services culminating with the presentation of a strategic business plan.
Consultant – Management Consulting Group Jun. ’89 – Jun. ’90
; Directed review of "Quarterly Reports" to the FDIC for AmWest Savings, a $4 billion, insolvent S&L. Managed auditing staff, addressed issues with the FDIC and the institution, and functioned as resident expert on the "Assistance Agreement" governing the institution's operations and contractual obligations. Approved reimbursements exceeding $250 million.
; Reviewed and studied the operations of Lomas Short Term Lending, Inc., a residential and commercial mortgage originator. Developed strategy to enhance profitability through more efficient loan origination and operating procedures. Resulted in the centralization of branch activities, staff reductions and a strategy for exiting undesirable markets.
EDUCATION: The Pennsylvania State University Sep. ’87 – May ’89
MBA - Concentration in Finance
; Co-developed Executive MBA Program seminar on "Creating Shareholder Value".
John Brown University Sep. ’83 – May ’87
BS - Double Majors in Accounting and Business Administration
- Minors in Systems Design and Analysis and Economics
PROFESSIONAL: ; Certified Public Accountant - American Institute of Certified Public Accountants
; Chartered Financial Analyst - Candidate - Association for Investment Mgmt. & Research