CMLS Financial Ltd.

CMLS Financial Ltd.

August 29, 2012 11:56 ET

Canadian Leader in Commercial Mortgages to Enter Residential Mortgage Field

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2012) - CMLS Financial Ltd., Canada's largest independently-owned commercial mortgage services operation, is pleased to announce that the company has formed a Residential Mortgage Division to service the Canadian mortgage brokerage industry.

Established in 1974, CMLS Financial has experienced exceptional growth and, today, originates $1.5 - $2 billion worth of new mortgage lending annually from its offices in Vancouver, Calgary, Toronto, Montreal and Halifax. Its current assets under administration are in excess of $5.7 billion.

An executive team is in place for the Residential Mortgage Division, scheduled to officially begin operations in early 2013, including Vice President, Sales & Business Development, Dan Putnam; Kevin Fettig, Vice President, Risk, Residential Mortgages; and Cheryl Preston, Vice President, Servicing, Residential Mortgages.

"I'm honoured and delighted to have such a first class team in place for this exciting initiative," states CMLS Financial President Chris Brossard. "We intend to build this business on the same foundation of exceptional service, broad array of products and services, best-of-class technology, and competitive pricing that has resulted in the outstanding growth of our commercial mortgage business."

Putnam is very well known in the residential mortgage industry, having worked in it for 25 years. He has been the owner/operator of a large regional mortgage brokerage, has served as president of two national mortgage brokerage operations and was president of originations for a national residential mortgage lender. Dan is also a board member with the Canadian Association of Accredited Mortgage Professionals and is Chair of the association's government relations committee.

Fettig, a graduate of the Ivey School of Business, Queens and University of Alberta, with more than 20 years of experience in the mortgage and capital markets fields, has held senior executive positions with a number of mortgage insurance companies.

Preston brings 22 years of experience in the Canadian residential, commercial and residential construction mortgage industry. Prior to joining CMLS Financial, she held senior management positions with two of the largest non-bank mortgage originators/servicers in Canada, as well as other senior posts.

States Putnam, "It isn't often that an opportunity presents itself to begin an exciting new business from such a strong existing one. Obviously, my team and I are embracing this challenge and eagerly await the day when we are originating and servicing mortgages from the mortgage brokerage industry."

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