Prospect Mortgage, LLC, a home purchase lender, and its growth capital partner, Sterling Partners, announced the appointment of Michael Williams as Prospect's new CEO, effective immediately.
Williams will lead Prospect into its next phase of growth by leveraging his extensive experience within the mortgage finance industry.
He has served as Chairman of Prospect's Board of Directors since December 2012, and assumes the leadership role from Ronald Bergum, who is transitioning from his role as CEO to Managing Partner. Williams will continue to serve as Prospect's Chairman of the Board.
Bergum built up Prospect from the ground and established it as a top-15 originator of home purchase loans in the country. In his new role, he will focus on strategic growth initiatives, acquisitions and product development.
After over 20 years of service in key roles at Fannie Mae, Williams became the company's CEO in 2009, leading the organization through a period of substantial transformation during its conservatorship under the Federal Housing Finance Agency.
In November 2012, Williams was appointed to the Board of Directors of Realogy Holdings Corp. (RLGY), a franchisor of real estate brokerages.
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