SHAWNEE, Kan. - Advanced Financial Inc. has named W. Ray Bell as president and chief executive officer of AFI Mortgage Corp., a wholly owned subsidiary.
Mr. Bell will also be elected to the mortgage company's board of directors.
Since 1992, Mr. Bell has been president and chief executive of Commonwealth Mortgage Corporation of America. He was also president of Fundamental Holdings Inc., formerly Fundamental Mortgage Corp., where he was responsible for contractual and operating activities involving more than $15 billion in servicing.
Before that, he was president of the banking division of Commonwealth Federal Savings and Loan Association, managing the deposit and loan activities of 44 branches with deposits of more than $2 billion.
Mr. Bell replaces William B. Morris as president. Mr. Morris, a substantial shareholder, is remaining with the company as an officer and director.
Advanced Financial also announced that it has entered into a letter of intent with a private group to acquire several real estate related companies. Negotiations on terms and conditions are continuing.
The company said no further details would be available until there is a definitive agreement.