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Envoy Mortgage names Chad Smith CEO as it scales via PLACE
The appointment follows Envoy’s plan to expand after its acquisition of Mason-McDuffie’s distributed retail assets, targeting more than $4 billion in annual funded volume.
PLACE appointed Chad Smith as CEO of Envoy Mortgage and president of its mortgage and financial services division, giving Envoy a formal chief executive role after it had operated without one for recent years. HousingWire reports the change is intended to further integrate Envoy into PLACE’s homeownership ecosystem.
Smith moves to Envoy from his role as chief operating officer and president of Better, where he was part of a leadership battle involving founder Vishal Garg and a board led by activist investor Daniel Lewis. Before Better, Smith held senior positions at Mission Loans, Caliber Home Loans, and loanDepot, according to HousingWire.
Envoy’s strategy and execution had been overseen by President Jesse Passafiume, including the lender’s agreement to acquire Mason-McDuffie Mortgage Corp.’s distributed retail assets. HousingWire reports that deal is expected to bring Envoy to about 240 loan officers and support an annual run rate of more than $4 billion in funded volume, based on comments Passafiume made in August.
HousingWire also notes that Envoy has produced roughly $1.4 billion in mortgages year to date and had 233 sponsored loan officers across 80 active branches as of Sept. 4, citing NMLS data. PLACE said the hiring reflects three years of investments in technology, people, and processes aimed at improving productivity and market share.