Finance

California Governor Gavin Newsom has officially named Tony Sertich as the new Executive Director for the California Housing Finance Agency (CalHFA). This appointment signals a significant leadership transition for an organization vital to the state's housing landscape. Sertich's prior extensive experience within CalHFA and the broader housing sector positions him to guide the agency through its evolving mission, particularly as it integrates with the California Housing and Homelessness Agency. His tenure is anticipated to strengthen CalHFA's efforts in supporting first-time homebuyers and expanding access to affordable housing units across the state.

Tony Sertich's professional journey is deeply intertwined with California's housing initiatives. Before this latest appointment, he was instrumental as the assistant deputy director for the state financial assistance division at the California Department of Housing and Community Development. His history with CalHFA is even more comprehensive, having previously held key positions such as financing risk manager, director of multifamily programs, and director of enterprise risk management and compliance, spanning from 2005 to 2018. This earlier period provided him with an intimate understanding of the agency's operations and the complex dynamics of housing finance. Following his initial term at CalHFA, Sertich served as the primary housing adviser to State Controller Betty Yee between 2019 and 2022, where he also represented her on the boards of critical committees like the California Debt Limit Allocation Committee and the California Tax Credit Allocation Committee.

CalHFA Board Chair Jim Cervantes emphasized the value of Sertich's deep knowledge, stating that his familiarity with CalHFA and the state's housing finance ecosystem from multiple perspectives makes him an invaluable asset. This leadership change occurs as CalHFA, along with its partner agencies, transitions into a new organizational structure under the California Housing and Homelessness Agency. This restructuring is expected to streamline efforts and enhance the agency's capacity to address the state's pressing housing needs. During the most recent fiscal year, CalHFA successfully assisted approximately 7,000 individuals and families in their first home purchases, including many first-generation homebuyers. Additionally, its lending and bond issuance activities facilitated the financing of over 2,700 new affordable housing units, underscoring its pivotal role in housing accessibility.

The agency recently achieved a significant milestone by securing its highest credit rating in its five-decade history, reflecting its robust financial health and stability. Beyond its core mission, CalHFA has also been actively involved in administering disaster relief programs for mortgage holders and providing essential support for housing counseling services. Sertich expressed his enthusiasm for his new role, highlighting CalHFA's expanding financial capabilities and California's reorganized housing finance system as catalysts for significant growth and increased housing opportunities. Rebecca Franklin, CalHFA’s chief deputy director, echoed this sentiment, noting that with CalHFA celebrating its 50th anniversary, Sertich is ideally positioned to guide the agency into its next half-century of service and impact.

In summary, Tony Sertich's appointment as the Executive Director of CalHFA marks a strategic move by Governor Newsom to leverage seasoned expertise in addressing California's housing challenges. Sertich’s extensive background within CalHFA and state-level housing advisory roles, coupled with the agency's recent financial strengths and integration into a broader housing and homelessness framework, sets the stage for intensified efforts in expanding affordable housing, supporting first-time homebuyers, and navigating the complexities of the state’s dynamic housing market. His leadership is expected to drive innovative solutions and further solidify CalHFA's crucial role in fostering housing stability and accessibility across California.

OCMBC Inc., operating under the name LoanStream Mortgage, has recently unveiled a significant strategic shift in its operations. The company announced the discontinuation of its 'Jet Advantage Mortgage' brand, making way for the official introduction of 'GIANT Lending.' This transformation is poised to bolster the support and resources available to mortgage brokers, equipping them to navigate and thrive in various market conditions, ultimately signifying an ambitious new phase for the organization.

This initiative represents a pivotal moment for OCMBC Inc., as GIANT Lending steps forward with a renewed commitment to the broker community. Michael Turturro, the President and Founder of GIANT Lending, emphasized the division's core mission: to provide unparalleled strength, resources, and unwavering support to brokers. He stated that the new identity reflects the company's substantial dedication to empowering brokers, ensuring they have the necessary tools, diverse product offerings, and expert guidance to achieve sustained growth and success.

Rabi Aziz, the CEO of OCMBC, echoed these sentiments, highlighting the launch of GIANT Lending as a bold new chapter that underscores the company's vision for the future. He articulated a clear strategy focused on investing in innovation, enhancing service delivery, and cultivating long-term partnerships. This approach is designed to grant brokers a significant competitive edge across all market cycles, underscoring the belief that the collective success of brokers directly contributes to the success of GIANT Lending.

Further details from the GIANT website indicate that this new division holds licenses in nearly all U.S. states, with the exception of New York. The operations are centrally managed from its headquarters located in Costa Mesa, California. This broad licensing footprint ensures that GIANT Lending can extend its comprehensive support and services to a wide network of mortgage professionals nationwide.

The strategic move to launch GIANT Lending also follows a notable acquisition in September 2024, when LoanStream acquired HomeStar Financial. HomeStar Financial, a retail lender, had ceased operations in late 2023, primarily due to the intense mortgage market volatility and margin compression prevalent at the time. This acquisition, coupled with the rebranding, illustrates LoanStream Mortgage’s proactive approach to expanding its influence and reinforcing its position within the mortgage industry.

In essence, the introduction of GIANT Lending marks a transformative period for LoanStream Mortgage. By retiring Jet Advantage Mortgage and launching a brand dedicated to empowering brokers, the company is signaling a strong commitment to innovation, broker support, and strategic growth. This strategic realignment, following the HomeStar Financial acquisition, positions GIANT Lending to be a formidable presence in the market, aiming to foster an environment where mortgage brokers can consistently achieve success and navigate an evolving industry landscape with confidence.