David G. Kittle, elected incoming President of the nationwide Mortgage Bankers Association at their San Francisco convention on Monday, was, until this week, listed among the group's leaders, on its Web site, as the President of Principle Wholesale Lending, Louisville, Ky.
But in MBA's announcement of Kittle's election, his day-job title changed: He's now Executive Vice President of Vision Mortgage Capital, which is based in Blue Bell, and owned by the First National Bank of Chester County.
Vision is run by Philadelphia mortgage banker Regina Lowrie, former head of Michael Karp's Gateway Funding Diversified Mortgage Services LP. Lowrie was herself the president of the president of MBA back in 2006.
Principle "is winding down its wholesale operations," since the market has dried up, Kittle told me. So Lowrie offered him a post at her firm, even though it doesn't -- didn't -- have operations anywhere near Louisville. "I'm going to develop the retail mortgage channel" when he's done running MBA, he told me. "We'll grow."
Here's Lowrie's inaugural speech from three years ago, where she called for "a strong regulator with bank-like powers" to ride herd on Fannie Mae and Freddie Mac.
And here's how the MBA's political action committee (MORPAC) distributed $1.3 million in Congress the year Lowrie headed MBA. (They split, almost 60-40, for the Republicans, but influential Democrats like Paul Kanjorski, D-Pa., and Barney Frank, D-Mass., also got a piece.) Link to OpenSecrets.org here.
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