RISMEDIA, Dec. 10, 2007-Metrocities Mortgage, LLC, a national leader in the residential mortgage lending market, announced that CEO and founder Paul Wylie has decided to step down.
Dick Loeffler, COO of Prospect Mortgage Company, will serve as interim CEO upon Wylie’s departure. Executives Lynette Hale-Lee, Virginia Martinez, Anna Ruotolo and Harry Tomlinson will collectively manage the sales organization.
Paul Wylie founded Metrocities in 1989 and is credited for growing the Metrocities franchise and most recently leveraging his industry knowledge for integration of Metrocities into Prospect Mortgage, a portfolio company of Sterling Partners, a private equity fund based in Chicago and Baltimore.
In June, 2007, Sterling made a strategic investment in Metrocities, recapitalizing the company and giving Prospect a majority interest.
“It is the right time for me to leave Metrocities,” said Paul Wylie. “It is an emotional decision, but I am proud of what we have built. The leadership group is very capable of leading Metrocities through this current difficult market to even greater success.”
“We wish Paul the best of luck as he moves to a new chapter in his life,” said interim CEO-designate Dick Loeffler. “Paul has demonstrated great leadership in building Metrocities into one of the leading independent mortgage originators in the country. We also believe he has built a great management team and culture at Metrocities that will ensure the company continues to deliver on its core values, its unique business model and ‘Heroic Customer Service.'”
