Prudential Mortgage Capital announces planned organizational changes

NEWARK, N.J.--(BUSINESS WIRE)--

Prudential Mortgage Capital Company today announced organizational changes to strengthen its operational infrastructure as the company seeks to expand within an increasingly competitive market. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. PRU.

Paige Warren has stepped into the newly created role of chief operating officer from her current position as head of affordable housing finance as well as Prudential Huntoon Paige, the firm's FHA lending business. Hal Collett, president of the company's servicing business, Prudential Asset Resources, has been named president of Huntoon Paige; and Wells Fargo veteran Tim Seward joins the company as President of Prudential Asset Resources, PMCC's asset management and servicing group. The appointments were made effective June 25, 2015.

"These important organizational changes will increase our ability to identify and successfully pursue new opportunities, while helping us to increase our focus on risk management and manage regulatory requirements," said David Durning, CEO of Prudential Mortgage Capital Company. "These changes will help to create a strong strategic and operational infrastructure, while also deepening the experience of our company's leaders and our overall talent pool."

Warren, continuing to report to Durning, will oversee a team focusing on strategy, growth initiatives, business planning, and marketing. Warren joined Prudential Mortgage Capital in 2003. She previously worked as a deputy director of debt restructuring for the U.S. Department of Housing and Urban Development, and as a vice president for a real estate consulting and policy analysis firm, AREA, Inc. Warren earned a master's degree from MIT and a bachelor's degree from Vassar College.

Collett joined Prudential in 2002 and previously provided direct oversight of operational risks for the mortgage company's asset management and loan servicing arm before overseeing the whole department. Prior to joining Prudential, he gained a commercial mortgage servicing background at ORIX Capital Markets and began his commercial real estate industry career at Bank One and Nomura. Collett received an MBA from the University of Texas and a bachelor's degree from Texas Tech University.

Before joining Prudential Asset Resources, Steward was a senior vice president at Wells Fargo responsible for operational risk controls and compliance for four of the bank's commercial real estate business lines. Prior to Wells Fargo, he was a director with Standard & Poor's Ratings Services with responsibility for evaluating and ranking the operational capabilities for some of the largest commercial and multifamily mortgage servicers in the U.S. Before joining Standard & Poor's, Steward held several positions at Wachovia Securities, which included establishing a servicing and asset management infrastructure for its European and Asian portfolio. He holds a bachelor's degree in psychology from California State University, Fullerton.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $87.9 billion in assets under management and administration as of March 31, 2015. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential's general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $84.3 billion, as of March 31, 2015. For more information, please visit http://www.prumortgagecapital.com.

Prudential Financial, Inc. PRU, a financial services leader with more than $1 trillion of assets under management as of March 31, 2015, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

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