In Brief: Amresco Unit Gets New Head of Sales

Amresco Capital Markets Inc. announced it has appointed A. Newman Moody as head of sales for its Quality Mortgage division.

Amresco, a financial services company that specializes in subprime and underperforming real estate loans, purchased Quality Mortgage this fall. Quality has a 50 branches throughout the United States that purchase loans from brokers, and a direct mail retail operation.

Expansion is definitely in the works for Quality, Mr. Moody said. Mr. Moody was previously director of portfolio management activities for Amresco. He has served as a consultant for Contimortgage and Wells Fargo Bank, and as a sales director at Household Finance Corp.

Recently, a class action was filed against Quality Mortgage, alleging that the company paid illegal fees to mortgage brokers. The suit does not affect Amresco, as the company is not responsible for Quality's actions before October, and did not purchase the lender's portfolio.

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