Capital One Financial is planning to beef up its mortgage lending and has hired industry veteran Desmond Smith to oversee the effort.
The McLean, Va., company said Tuesday that Smith, as head of sales for Capital One Home Loans, would be responsible for expanding the mortgage sales force in branches throughout its footprint in New York, the Mid-Atlantic, Louisiana and Texas. The company plans to double its distributed sales force for its home-lending activities, a representative for Capital One said in an email.
Capital One reported $29.5 billion in home loans held for investment during the first quarter of 2015, an approximately 15% decline from the same time the year before. At Sept. 30, 2014, the company was had the eight-largest portfolio of first mortgages, according to data compiled by American Banker and SNL Financial.
Smith joins Capital One from Citigroup in New York, where he served as managing director overseeing distributed retail, direct to consumer, relationship retail, strategic markets and correspondent lending. Smith joined Citi after a stint as senior vice president of national retail sales for JPMorgan Chase. During his time with JPMorgan Smith created the bank's national builder and condominium services. Smith has also worked for Wells Fargo in private mortgage banking, mortgage resources, new construction, and renovation lending.
In a news release, Capital One's head of home loan originations, Eric Schuppenhauer, called Smith "a proven sales leader."
"He will support our growth plans as we bring forward new and innovative approaches to the home lending experience, with new product launches and expanded digital capabilities," Schuppenhauer said.