NRL Mortgage has deployed Riivos Mortgage Lending's forecasting, planning and reporting application to help them analyze and capitalize on growth opportunities. NRL Mortgage is majority owned by St. Christopher's Holdings LLC, a privately owned holding company based in Houston.

The technology integrates key, disparate mortgage lending data and systems, LOS, payroll, hedging execution systems and others, to provide executives and their teams transparency into the financial effects of changing market conditions and business decisions.

"We are expecting a challenging environment over the next few years and need a financial budgeting, reporting and forecasting solution that can help us continue to maximize profitability," said Joe DeDominicis, chief financial officer at NRL Mortgage. "The Riivos team serves as a trusted advisor to independent mortgage banks and banks, so they delivered a solution that is customized to our operation and reduces our dependence on manual, Excel-based planning."

The technology is designed to help executives and their teams drive accountability and improve performance across the entire mortgage origination value chain, delivering more basis points to the bottom line. And Riivos mortgage applications calculate and track key metrics—such as gain on sale, including valuation of IRLCs and loans held for sale—so teams have up-to-the-minute data on where they stand relative to financial and operational goals.

"For mortgage originators interested in driving more money to the bottom line, the first step is to put the right planning and forecasting system in place," said Michael McFadden, Group Head of Riivos Mortgage. "The next is creating a feedback loop and culture of accountability so employees begin feeling and acting like owners."

BNY Mellon has appointed Sabet Elias in a new role as chief technology officer. Elias reports to Bridget Engle, senior executive vice president and CIO. He will join the firm's Technology Executive Committee and be based in New York, effective today.

"Sabet is a talented technologist and brings to the bank a solid track record of building platforms,” said Engle. “As we continue to shape our global technology agenda and improve resiliency, we need to add leadership talent with deep experience in technology to take us to the next level. Sabet has years of experience in financial services, plus deep management and technical expertise to help us navigate the future."

Elias possesses more than 20 years of experience in building and operating global high-performance, mission-critical technology environments. He joins BNY Mellon from Bank of America where he was the sales and trading CTO for global banking and markets, responsible for strategy, architecture and a cross-asset platform. Before that, Elias was the CTO responsible for infrastructure across multiple lines of business with accountability for technology architecture, design, build and operations.

Prior to Bank of America, Mr. Elias was the CTO and Global Head of Electronic Trading Infrastructure at Citigroup, and prior to that the CTO at Lehman Brothers. Mr. Elias started his career at AT&T Bell Labs.

Mr. Cooper Group Inc. will acquire Pacific Union Financial LLC, a mortgage lender based in Dallas.

“This acquisition allows us to expand our servicing portfolio by welcoming more than 120,000 customers and increases our mortgage lending volume and capabilities,” said Jay Bray, Chairman and CEO of Mr. Cooper Group Inc. “The Pacific Union team, customers and clients are great additions to the Mr. Cooper family, and by joining forces we’re excited to capitalize on our strengths to provide industry-leading service and products.”

Pacific Union is an originator with a servicing portfolio of approximately $25 billion. The acquisition enables Mr. Cooper to expand its presence in correspondent and wholesale originations with delegated and non-delegated product offerings. Pacific Union Financial brings more than 700 active clients, and there is only around 20% overlap with Mr. Cooper’s existing clients. Incremental annual originations volume potential is estimated at more than $10 billion with over 80% purchase loans. Subject to regulatory approvals, the close is anticipated in the first quarter of 2019 board more than 120,000 customers to the Servicing platform.

“Since our inception in 2004, Pacific Union has been highly focused on our clients and team members,” said Evan Stone, founder and CEO of Pacific Union. “We have taken great pride in providing superior service to our customers and business partners and providing a home for exceptionally talented mortgage professionals