Advanced Financial Inc., a residential mortgage lender based in Shawnee, Kan., announced Tuesday that its chairman, Norman Peterson, is stepping down.
The company said Mr. Peterson, 55, will pursue other interests and has not lined up a new position. Mr. Peterson, who has been an officer and director of Advanced Financial since 1988, could not be reached for comment.
William Moffatt, president of Advanced Financial's wholly owned subsidiary, AFI Mortgage, has been named acting chairman. He is expected to be sworn in as chairman at a board meeting this month, a spokesman said.
Mr. Moffatt, 44, joined Advanced Financial in 1995, after serving as executive vice president for six years at Plaza Home Mortgage Corp., Santa Ana. Plaza Home Mortgage was acquired by Fleet Mortgage Group, Columbia, S.C., in early 1995.
Advanced Financial relies exclusively on loan officers placed in real estate broker offices to capture loans, but is actively pursuing other origination methods.
In October, Advanced Financial announced a plan to acquire a Southern California mortgage branch network. Advance did not identify the network but says the acquisition is expected to take place at the end of this month and will push its originations to $25 million a month.
The company is looking to purchase other mortgage originators with $10 million to $15 million in monthly volume, the spokesman said.