CPC Mortgage Company names former Freddie Mac SVP as president

by Candyd Mendoza26 Nov 2019

CPC Mortgage Company, a subsidiary of the Community Preservation Corporation, has appointed John Cannon as its new president.

Cannon, who has over 35 years of experience, joined CPC Mortgage from Freddie Mac. During his tenure at the GSE, he oversaw multifamily origination volume and product strategy as a senior vice president. Cannon also held senior leadership roles at Berkadia, Capmark, and GMAC Commercial Mortgage.

“I’m extremely pleased to have somebody with John’s extensive experience in commercial banking and Agency lending joining the CPC family,” said Rafael Cestero, president and CEO of CPC. “His expertise and understanding of the multifamily and agency markets will add tremendous value to our team and put CPC Mortgage Company in a position to continue to build on its growth. Equally as important, John leads by example, is deeply connected to our mission and believes in CPC’s core values.”

CPC Mortgage offers a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration products for acquisition, refinance, rehabilitation, and construction of multifamily properties. The company said its revenue supports the nonprofit mission of CPC, which provides housing investments in underserved neighborhoods.

“I’m excited to be joining a company like CPC, that has built its success through a dedication to its mission and its commitment to understanding the unique needs of their customers,” Cannon said. “Rafael and his team have done a fantastic job of recruiting talented originators, underwriters and support staff to CPC Mortgage Company over the last few years, and I believe they’re extremely well-positioned to continue to their remarkable growth. I look forward to joining the team and helping to take CPC Mortgage Company to the next level.”