New board members bring expertise in mortgage lending and capital markets
Mr. Cooper Group and Flagstar Financial have announced key additions to their respective boards of directors.
Mr. Cooper Group, one of the largest mortgage servicers in the United States, has appointed Andrew Bon Salle (pictured) to its board of directors, effective Jan. 1, 2025. Bon Salle, a veteran in the mortgage industry, brings over 30 years of experience in capital markets, risk management, and mortgage policy leadership.
Prior to this role, Bon Salle served as chairman of the board at Home Point Capital Inc. and as executive vice president of single-family mortgage business at Fannie Mae, where he oversaw a $3.5 trillion credit portfolio and managed relationships with over 2,000 clients and partners.
“Andrew’s exceptional track record in driving business strategy and transformation, combined with his extensive leadership experience in the mortgage industry, makes him an invaluable addition to our board,” Jay Bray, chairman and CEO of Mr. Cooper Group, said in a Press release. “We are pleased to welcome him as we advance our strategic vision and continue to build an industry-leading homeownership experience for our customers.”
Meanwhile, Flagstar Financial, which sold its mortgage business to Mr. Cooper, announced the appointment of Brian Callanan to its board.
Read more: Mr. Cooper completes $1.3 billion acquisition of Flagstar's mortgage business
Callanan, senior managing director and general counsel at Liberty Strategic Capital, brings substantial expertise in financial regulation, regulatory compliance, and financial technology.
Before joining Liberty, Callanan served as general counsel at the US Department of the Treasury, where he led a team of 2,000 lawyers and played a pivotal role in key initiatives, including economic rescue programs during the COVID-19 pandemic, the implementation of economic sanctions, and tax reform.
Callanan’s appointment follows a $1.05 billion equity investment made in March 2024 by Liberty Strategic Capital, which secured two board seats for the firm. With Callanan now on the board, Flagstar’s leadership expands to nine members, including key figures such as chairman and CEO Joseph Otting, lead independent director Steven Mnuchin, and other members, including Milton Berlinski, Alessandro DiNello, and Jennifer Whip.
"I'm pleased to have Brian join our board. His proven track record and expertise in financial services, along with his strategic insights will be instrumental as we continue to execute on our transformation and long-term vision,” said Flagstar CEO Joseph Otting. “Brian's perspectives will provide valuable guidance, and his leadership will play a critical role in driving sustainable growth, ensuring we achieve long-term success and maximize the value we deliver to our shareholders, employees, and clients."
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