Residential mortgage provider Nationstar has a new interim chief financial officer, according to a news release.
Amar R. Patel, the company’s former executive vice president of portfolio investments, has been chosen as the new executive vice president and interim CFO.
“Amar brings more than 20 years of industry experience and a deep understanding of our business and financials to his role as interim CFO,” said Jay Bray, chairman and CEO of Nationstar. “Given his long standing commitment to Nationstar, our shareholders and our customers, I am confident he will successfully lead the organization through a seamless transition.”
Patel joined the company in 2006, and for a decade held various roles, including executive vice president of portfolio investments in 2011. Prior to Nationstar he last served as senior vice president asset and liability management at Capstead Mortgage Corporation.
Patel replaces Robert Stiles, who was appointed CFO in 2014.
“On behalf of Nationstar, we want to thank Robert for his many contributions to the Company during his three-year tenure at Nationstar and wish him continued success,” Bray said.
Last week’s announcement that Stiles was departing surprised the industry. However, a report from Nomura said that his departure was a personal matter and not a reflection of the company’s performance, according to HousingWire.
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