SANTA ANA, Calif.--(BUSINESS WIRE)--Stearns Lending, Inc., a leading nationwide mortgage lending institution encompassing retail, wholesale and correspondent business channels, announced today the appointment of Uday Devalla to the role of Chief Information Officer. Mr. Devalla was a former Senior Technology Exec at Bank of America.
Uday Devalla brings 17 years of mortgage banking technology industry expertise, having held technology executive management positions with some of the largest mortgage banking companies in the nation. Prior to joining Stearns, Mr. Devalla was Senior Vice President – Technology Executive, for Bank of America Home Loans and Executive Vice President – Technology Executive, for Countrywide Home Loans.
Mr. Devalla has a proven ability and track record for delivering cost-effective, high-performing and highly-scalable technology solutions in support of business growth and changing business needs. At Bank of America Home Loans, he was responsible for the mortgage origination systems platform which encompassed sales, loan origination, fulfillment, pricing, underwriting, and other systems. Additionally, he was responsible for the design, development and implementation of technology initiatives in support of strategic business goals. Mr. Devalla managed a technology project portfolio of over $100MM, in support of their core mortgage platform.
“We are genuinely thrilled to have Uday Devalla as Stearns’ CIO. His extensive knowledge and depth of direct industry experience align with our expansive information technology initiatives,” said Brian S. Hale, the Company’s Chief Executive Officer. “Uday will oversee all aspects of information technology across all technology systems supporting Stearns business channels, in addition to enterprise applications and systems for all corporate processes.”
Mr. Devalla received his PGD – Information Systems Management, from National Institute of Information Technology, Hyderabad, India; and B.S. Physics & Mathematics, from Osmania University, Hyderabad, India.
Headquartered in Santa Ana, California, Stearns Lending, Inc., and its affiliated entities, have provided 23 years of exceptional mortgage lending services throughout the United States where licenses are held. Stearns’ business channels include wholesale, retail and correspondent lending, and credit union mortgage outsourcing services.
Stearns is licensed and approved to conduct business in 49 states with HUD (United States Department of Housing and Urban Development). Additionally, Stearns is a Ginnie Mae Approved Single Family Issuer (Government National Mortgage Association), an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association), and an approved Seller/Servicer for FHLMC (Federal Home Loan Mortgage Corporation) also known as Freddie Mac. Stearns is also approved for VA (United States Department of Veterans Affairs), USDA (United States Department of Agriculture), and is an approved lending institution with FHA (Federal Housing Administration). Stearns also provides Jumbo, Conventional and Portfolio loan products.
Stearns is recognized as a Top 20 (2012-Q2) Residential Lender Ranked by Total Volume, a Top 20 (2012-Q2) Residential Lender Ranked by Total Number of Loans, the 4th largest Residential Lender Ranked by Wholesale Volume (2012 Q2), a Top 20 (2012-Q2) Residential Lender Ranked by FHA/VA Volume, and has become the 5th largest Privately Held Lender nationwide.* Stearns, as a company, funded $24 billion over the past three years (representing 100,000 loans funded “In-house”). Additionally, Stearns has been recognized by Mortgage Technology Magazine as one of its “Top 25 Tech-Savvy Lenders” for two consecutive years (2011 and 2012).
The Company was founded in 1989 by Glenn Stearns and is a privately held company. Mr. Stearns received the 2011 Horatio Alger Award and was named Ernst & Young’s 2003 Entrepreneur of the Year. In addition, he received the Orange County Business Journal – 2007 Excellence in Entrepreneurship award.
Stearns Lending, Inc. is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707.
For more information call (800) 350-LEND or visit www.stearns.com.
* Information provided by www.mortgagestats.com