Mid America Mortgage, Inc., based in the Dallas suburb of Addison, Texas, has announced the hiring of Adam Rieke as director of national TPO lending.
Rieke's 23-year career in the mortgage lending arena includes managing several highly profitable wholesale lending operations. In his new role at Mid America, Rieke will focus on the TPO lending sector.
“Mid America has always placed a special emphasis on our third-party originators," owner and CEO Jeff Bode said. "Combining Adam’s operational skills with the broker-specific functionality available through Mid America’s proprietary software system, Mortgage Machine, creates a unique opportunity to further enhance the value Mid America’s TPO channel provides, and together, we believe we can make the wholesale process so much better for our brokers."
Prior to coming to Mid America, Rieke was a regional VP with PRMG, where he focused on expanding that company's wholesale lending operations in the Midwest. Before joining PRMB, Rieke served as SVP with Mortgage Services III, LLC, for seven years; under his leadership, that company grew into the nation's seventh largest mortgage wholesale lender by volume. He has also served as president and CEO of a national wholesale lender and led First Horizon's wholesale lending channel in the Chicago area in the mid-1990s.
"Technology is a major concern due to regulatory compliance requirements and in allowing the millennial generation to have a greater role in the housing industry," Rieke said. “Under CEO Jeff Bode's vision and through utilization of Mortgage Machine, Mid America Mortgage enables its TPO partners to utilize technology-based solutions to combat an ever-changing regulatory landscape. In so doing, Mid America has attracted quality brokers, bankers, and depositories. By providing the necessary ‘ease-of-use,’ it has also freed its TPO partners to focus on their strength, the origination of residential mortgage loans."
Rieke said one of his initiatives to expand Mid America's TPO space is to restore the human element to the underwriting process.
"While the advent of automated underwriting has created some efficiencies in certain segments of the credit spectrum, we believe it has also turned ‘human underwriting’ into a lost art," he explained. "Mid America is committed to employing the most competent, experienced underwriters in our industry. Our goal is to promote lending opportunities that are mostly overlooked by larger lending institutions, due to their dependency on automated underwriting."