HORSHAM, Pa., Feb. 9, 2018 /PRNewswire/ -- Industry veterans Mark Hughes, Ann Gibbons and Tom Donatacci announced today that they are launching a national due diligence firm: New Diligence Advisors (NDA) LLC. Selene Holdings LLC will be the principal investor in NDA.
Hughes will be chief operating officer of NDA, responsible for overseeing production, client satisfaction, technology and rating agency relations. In his new role, he will report to Selene chief executive officer, Joe Pensabene, who will now be chief executive officer and president of NDA, as well.
During his 20-plus-year career, Hughes has held senior management positions at leading TPR firms and solutions providers, including Clayton Holdings, LLC, LenderLive and CoreLogic. Earlier, he was president and chief operating officer of the Bohan Group. Hughes is an active contributor to the Structured Finance Industry Group (SFIG) Due Diligence subcommittee and is a frequent speaker at industry securitization conferences.
Like Hughes, Donatacci had been the head of sales and marketing for Clayton. He joined Selene three years ago. Prior to forming NDA, Gibbons had been senior managing director at Clayton Holdings, managing the relationships with some of the firm's largest clients. Earlier, Gibbons was chief operating officer of The Murrayhill Company, the firm that pioneered RMBS surveillance.
NDA's comprehensive review service offering includes: credit underwriting, property valuations, regulatory compliance, fraud, document, title, payment history and servicing activity. The company is currently in discussions with leading ratings agencies, and expects to be approved as an accredited TPR for securitizations by mid-year. NDA has operation centers in Horsham and Jacksonville.
"We believe that mortgage and capital markets clients are ready for a new approach to due diligence: one based on client service, innovation and technology," said Pensabene. "NDA will be led by recognized industry leaders, focused on client needs and unencumbered by legacy systems and outdated ideas."
Hughes added: "At a time when other firms are re-thinking their commitment to the TPR space, Selene is investing to build the next generation due diligence platform that will significantly improve risk management and deliver a superior customer experience."
For more information about NDA and its service offering, visit www.selenenda.com.
Selene Holdings LLC is the parent of New Diligence Advisors, LLC and Selene Finance LP, a special servicer for NPL, RPL and REO. Selene was founded in 2007 to provide creative loan resolution strategies designed to preserve homeownership. Since inception, Selene has focused on providing a flexible portfolio management approach to ensure that client goals are met and exceeded. Selene is owned indirectly by investment funds managed by two respected names in the investment management industry — Oaktree Capital Management, L.P. and Ranieri Partners Management.
SOURCE Selene Finance