SHERMAN OAKS, Calif.
June 18, 2014
Prospect Mortgage, LLC
("Prospect"), a leading home purchase lender, and its growth capital partner,
, announced today the appointment of
Michael J. Williams
as Prospect's new CEO, effective immediately. Williams will lead Prospect into its next phase of transformative growth by leveraging his extensive experience within the mortgage finance industry, capitalizing on the market's new competitive landscape and using his wealth of institutional knowledge of Prospect to move the company forward.
Williams has served as Chairman of Prospect's Board of Directors since
, and assumes the leadership role from
Ronald L. Bergum
, who is transitioning from his role as CEO to Managing Partner. Williams will continue to serve as Prospect's Chairman of the Board.
"As Chairman, I have always been impressed with Prospect's industry leadership and the power of its retail purchase lending platform. Now, as the housing finance system continues to undergo substantial change, I believe we are well positioned to expand our retail platform and accelerate the next phase of the company's growth," said Williams. "Ron's vision and passion for the business have enabled Prospect to attract a strong and seasoned leadership team and loan officers who are unrivaled in our industry. I look forward to working closely with Ron, the team and Sterling Partners in my new capacity."
Bergum built Prospect from the ground up and established it as a top-15 originator of home purchase loans in the country. In his new role, he will focus on strategic growth initiatives, acquisitions and product development.
"When Mike was appointed Chairman, he brought extensive background and understanding of the residential housing sector, the regulatory landscape and the mortgage finance industry to Prospect, and those attributes have been instrumental to our recent growth at a time when other lenders are shrinking and closing," said Bergum. "Having known Mike since 2009, I've witnessed his ability to understand our evolving market, sense opportunities, and execute against those opportunities in a collaborative way. I know our employees and executive team's passion and hunger for success will only grow stronger under Mike's leadership, and I am excited to be able to help continue to build this company."