Phone (989) 892-4463 www.Area-Appraisers.com
SUMMARY:
Over 40 years Commercial Real Estate Experience including Appraisal, Mortgage Banking, Underwriting and Consultation.
ACCOMPLISHMENTS:
A sole proprietorship, providing advisory services in the areas of real property and business, including development, appraisal, consultation, feasibility and underwriting. Clients include both large and small financial institutions, corporations and individuals. A.R.E.A.'s network of associated professionals in development and lending has been established over more than 20 years experience and is truly national, from coast to coast, in scope.
AMERICAN DIVERSIFIED SAVING BANK 1984-1986
SENIOR VICE PRESIDENT IN CHARGE OF MORTGAGE OPERATIONS (FHLBB)
CHAIRMAN OF CREDIT POLICY COMMITTEE (FHLBB)
Joined this ailing Savings and Loan to restructure both its mortgage lending policies and operations. On February 14, 1985, after FSLIC take-over, I was retained (with both titles and positions) to continue these new and ethical policies during that period of reorganization. Under reorganization, new directorship was subsequently established by late 1986.
CROCKER MORTGAGE COMPANY 1982-1984
EXECUTIVE VICE PRESIDENT – CROCKER MORTGAGE COMPANY - LOS ANGELES
VICE PRESIDENT - CROCKER NATIONAL BANK
SENIOR CREDIT OFFICER - CROCKER NATIONAL BANK
Underwrote and negotiated a $65,000,000 joint venture on behalf of Crocker National Bank which resulted in a 50% return on equity and a $52,000,000 construction loan with a $1,250,000 fee for the bank and a $350,000 fee for the mortgage company. All fees and profits were booked and the loan was paid in full.
Designed and participated in Crocker National Bank's Real Estate Committee which reviewed all bank real estate investments, resulting in a direct reduction of non-performing loans.
Secured unique authorization from the Federal Reserve to allow Crocker to arrange equity financing which opened a new line of business generating over $800,000 in new fee income.
Conceived and wrote initial servicing evaluation model which provided Crocker Mortgage Company the valuation to sell over $700,000,000 of servicing providing a $6,000,000 profit.
SECOND VICE PRESIDENT, REAL ESTATE MORTGAGE LOAN DEPARTMENT -
APPRAISER -
REGIONAL APPRAISER –
SENIOR APPRAISER –
Conceived and implemented the nations first conventionally backed single family pass-thru certificate for $80,000,000. This concept is now accepted throughout the single family lending industry.
Introduced the program of bullet loan financing with capital from pension fund G.I.C. accounts. This now represents the bulk of life insurance lending.
Created a system-wide word processing network with a communication link nationally, thereby reducing loan processing time over 30%.
Developed a profit center budget generating system reducing processing time from one month to five days, and providing management information on all business lines.
Implemented a processing fee schedule for Loan Administration Division which generated new income in excess of divisional operational costs.
Participated in the design and initial sales of New York Life's Real Estate Separate Account designed for pension funds, resulting in generating $25,000,000 of new real estate capital during the first year of sales.
Introduced the program of a domestic letter of credit as a replacement for liquidated damages on mortgage loan commitments. This is now a standard industry procedure.
Launched internal rate of return analysis (IRR) on equities and joint ventures at New York Life while holding position of acting Chief Appraiser, a position formerly held by L.W. (Pete) Ellwood. This methodology has been accepted as the industry standard.
Developed the theory and wrote the tables for mortgage loans with payments calculated in arrears and payable in advance.
EDUCATION:
Majors in Real Estate and Finance
Minors in Economics and Urban Economics
Major in Accounting
Graduate continuing education in computer sciences
American Institute of Real Estate Appraisers
AIREA Course I, II, successfully challenged Course VI and completed Course IV
Completed Experience Requirements for MAI Designation in 1977
New York Life Insurance Company Advanced Management Training
Crocker National Bank Advanced Management Training
Life Insurance Executives
REAL ESTATE AND WORK EXPERIENCE:
Over forty years experience as a commercial mortgage loan underwriter and appraiser for the life insurance, commercial bank, savings and loan industries. Appointed as an executive officer under the FSLIC management by consignment program. Acting as a Real Estate Consultant for the past twenty years.
AFFILIATIONS:
American Guild of Appraisers, Guild 44, AFL-CIO
National Association of Review Appraisers and Mortgage
Underwriters. (CRA, RMU)
American Bankers Association
Mortgage Bankers Association
National Association of Home Builders
Urban Land Institute-Finance Committee
COMMITTEE ASSIGNMENTS:
Real Estate and Mortgage Loan Committee
Corporate Strategic Planning Committee
Electronics Applications Committee
CROCKER NATIONAL BANK
Real Estate Industries Investment Committee
Executive Committee of Crocker Mortgage Company
AMERICAN DIVERSIFIED SAVINGS BANK
(Appointed under FSLIC MCP Program)
Chairman of Investment Committee
Management Committee
Executive Committee
Finance Committee
CONTINUING EDUCATION:
State Licenses:
Passed State Certified Appraiser Examination July 16, 1991
State Certified General Appraiser
Past
Past
Past
Past Vice Chairman Bay County Family Independence Agency
Advisor to