Stearns CEO unexpectedly steps down

by Ryan Smith17 May 2017
Stearns Lending has unexpectedly announced the departure of CEO Brian Hale from the company. Hale will be succeeded by former Ditech president David C. Schneider.

Stearns did not give a reason for Hale’s departure in its announcement. He joined the company in 2012. During his tenure, Hale helped grow Stearns from $5.7 billion in origination volume to $26 billion in 2016. Hale also spearheaded efforts to diversify the company’s origination channels beyond wholesale lending into the retail space.

“Over the past few years, Stearns has become a leading national player in mortgage lending and has what I consider to be the best team in the industry,” Hale said. “I have been honored to serve as CEO, and I believe that David Schneider will continue to build upon the strong foundation that the company has established.”

According to Stearns chairman William H. Cary, Hale will “continue to assist” the company through the end of the month. However, his last day as CEO was Monday.

Incoming CEO Schneider was most recently president of Ditech and executive vice president and COO of Walter Investment Management Group. He’s also served as president and COO of CitiMortgage, president of Washington Mutual Home Loans, senior vice president at JPMorgan Chase, and president and CEO of Vericrest Financial.

“It is my privilege to be appointed to lead Stearns Lending,” Schneider said. “I look forward to working with Stearns’ world-class team to continue the company’s success.”

Related stories:
Flagstar completes acquisition of Stearns’ correspondent business
In surprise move, Ditech head steps down


Should CFPB have more supervision over credit agencies?