Direct Mortgage Partners Inc. said it would start making high-loan-to-value second mortgages and centralize its western subprime lending operations in an Irvine, Calif., office.

The company, a subsidiary of publicly traded CFI Mortgage Inc., hired Greg Cutuli as a senior vice president to run the Irvine operation, which will be called Direct Lending Partners.

Mr. Cutuli was chief credit officer of First Colony Financial Group, a California-based national wholesale lender. In a press release, Mr. Cutuli said the Irvine office will "serve as a platform for building a major presence in the western United States for our subprime and high-LTV products."

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