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Board of Directors

Board of Directors

Chairman / Chief Executive Officer

Steven R. Mumma is our Chairman and Chief Executive Officer.  Mr. Mumma was named Chairman of our Board of Directors effective as of March 30, 2015 and also served as our President until May 16, 2016. Mr. Mumma was named Chief Executive Officer effective February 3, 2009. Mr. Mumma was appointed President and Co-Chief Executive Officer effective March 31, 2007, which marked the divestment of the Company’s mortgage lending business, and served as Chief Financial Officer from November 2006 to October 2010. Prior to serving in the above capacities, Mr. Mumma served as our Chief Investment Officer, a position to which he was named in July 2005, and as Chief Operating Officer, commencing in November 2003. From September 2000 to September 2003, Mr. Mumma was a Vice President of Natexis ABM Corp., a wholly-owned subsidiary of Natexis Banques Populaires. From 1997 to 2000, Mr. Mumma served as a Vice President of Mortgage-Backed Securities trading for Credit Agricole. Prior to joining Credit Agricole, from 1988 to 1997, Mr. Mumma was a Vice President of Natexis ABM Corp. Prior to joining Natexis ABM Corp., from 1986 to 1988, Mr. Mumma was a Controller for PaineWebber Real Estate Securities Inc., the mortgage-backed trading subsidiary of PaineWebber Inc. Prior to joining PaineWebber, from 1981 to 1985, Mr. Mumma worked for Citibank in its Capital Markets Group, as well as for Ernst & Young LLP. Mr. Mumma received a B.B.A. cum laude from Texas A&M University.

Chairman of the Board
Independent Board Member

Lisa A. Pendergast has served as a member of our Board of Directors since March 15, 2018.  Ms. Pendergast has served as the Executive Director of the Commercial Real Estate Finance Council (CREFC) since September 2016. Prior to joining CREFC, Ms.  Pendergast spent over 25 years in the fixed-income structured-finance markets; first in the MBS/ABS markets and then, beginning in 1998, the CMBS market.

Ms. Pendergast has been a leading research analyst in the highly competitive Institutional Investor All-American Fixed-Income Research Team and Orion surveys in the CMBS category. Throughout her career, Ms. Pendergast provided analysis and commentary on commercial real estate credit fundamentals and relative value within the private-label and agency CMBS and structured-product markets, and published several articles and reports on various aspects of the CMBS markets that appear in industry handbooks and academic journals.

Prior to joining CREFC, Ms. Pendergast was with Jefferies Group LLC, a wholly-owned subsidiary of Leucadia National Corporation. She joined Jefferies in July 2009 as a Managing Director and Head of CMBS Strategy and Risk in the Fixed Income Division’s MBS/ABS/CMBS Group. Before joining Jefferies, Ms. Pendergast was a Managing Director in the Fixed-Income Strategies Group at the Royal Bank of Scotland/Greenwich Capital, where she worked for eight years. Ms. Pendergast began her career in 1987 as a research analyst focused on residential and commercial MBS at Prudential Securities.

Ms. Pendergast has a long history with the CREFC, having served as President of the Board of Governors in 2010 and as a Board member from 2001 through 2010.   Ms. Pendergast received a B.A. in English Literature and Political Science from Marymount College of Fordham University. 

Independent Board Member

David R. Bock has served as a member of our Board of Directors since January 2012. Mr. Bock is a Managing Partner of Federal City Capital Advisors, a Washington, D.C.-based business and financial advisory services company. Mr. Bock has a background in international economics and finance, capital markets and organizational development, having served as a Managing Director of Lehman Brothers and in various executive roles at the World Bank, including as the chief of staff for the World Bank’s lending operations. He was the Chief Financial Officer of I-Trax, Inc., a publicly traded healthcare company prior to its sale to Walgreen’s in 2008, and previously the Chief Financial Officer of Pedestal Inc., an online mortgage trading platform. Mr. Bock served as interim Chief Executive Officer of Oxford Analytica in 2010. Mr. Bock began his professional career with McKinsey & Co. following completion of an advanced degree in economics from Oxford University, where he was a Rhodes Scholar. He received a B.A. in philosophy from the University of Washington. Mr. Bock currently serves on the Boards of the Pioneer Funds complex, where he serves as chairman of the audit committee, the Swiss-Helvetia Fund, where he also serves on the audit committee, and Oxford Analytica, as well as various private and charitable organizations. Mr. Bock previously served on our Board of Directors from 2004 to 2009.

Independent Director
Independent Board Member

Michael Clement has served as a member of our Board of Directors since June 2016. Mr. Clement has been a professor in the Department of Accounting at the University of Texas at Austin since 2011 and served as an associate professor from 2004 to 2011 and as an assistant professor from 1997 to 2002 in the Department of Accounting of the University of Texas at Austin. From 2002 to 2004, Mr. Clement was the Vice President of Global Investment Research for Goldman Sachs & Co. Mr. Clement was a Vice President of Capital Planning and Analysis and a Manager of the Audit Division from 1982-1986 at Citicorp. Prior to his employment at Citicorp, Mr. Clement was a Senior Assistant Accountant at Deloitte Haskins & Sells. Mr. Clement holds a B.B.A. in Accounting from Baruch College, an M.B.A. in Finance from the University of Chicago and a Ph.D. in Accounting from Stanford University.

Independent Director
Lead Director

Alan L. Hainey has served as a member of our Board of Directors since completion of our initial public offering (“IPO”) in June 2004 and became our Lead Director effective March 31, 2015. Mr. Hainey is the owner and manager of Carolina Dominion, LLC, a real estate brokerage development and investment firm that he founded in 2004. In 2001, Mr. Hainey incorporated and funded the Merrill L. Hainey Family Foundation, a not-for-profit charitable organization dedicated to academic achievement through scholarships, where he continues to serve as President. From 1996 to 2000, Mr. Hainey operated an independent consulting practice providing advisory and marketing services to clients engaged in insurance, mortgage finance and investment management. From 1990 to 1996, Mr. Hainey served as President and Chief Operating Officer of GE Capital’s mortgage banking businesses and was a member of the GE Capital corporate executive council. From 1983 to 1990, Mr. Hainey served as President of GE Capital Mortgage Securities. Mr. Hainey received a B.A. with honors and a J.D. from the University of Missouri and a Master of Management with distinction from the Kellogg School of Northwestern University.

Independent Director
Lead Director
Independent Board Member

Steven G. Norcutt has served as a member of our Board of Directors since completion of our IPO in June 2004. Mr. Norcutt has served since October 2009 as the President of Schafer Richardson, Inc., a commercial real estate management, construction, development, leasing and investment company based in Minneapolis, Minnesota. From April 2008 to October 2009, Mr. Norcutt served as Senior Vice President - Regional Manager of Guaranteed Rate Mortgage, a residential mortgage banking company headquartered in Chicago, Illinois. Prior to joining Guaranteed Rate, Mr. Norcutt served as Executive Vice President and Chief Operating Officer of Centennial Mortgage and Funding, Inc., a residential mortgage banking company based in Minnesota. Prior to joining Centennial Mortgage and Funding, Inc., Mr. Norcutt served as Senior Vice President and Portfolio Manager of Structured Finance for Reliastar Investment Research, Inc. from 1993 through 2001. Mr. Norcutt joined Reliastar Investment Research, Inc. in 1988 as Vice President and Portfolio Manager of Residential Mortgage Loans. Mr. Norcutt received an M.B.A. in Finance from the Carlson School of Business at the University of Minnesota and a B.S. in Finance from St. Cloud State University.

Independent Director
Independent Board Member

Lisa A. Pendergast has served as a member of our Board of Directors since March 15, 2018.  Ms. Pendergast has served as the Executive Director of the Commercial Real Estate Finance Council (CREFC) since September 2016. Prior to joining CREFC, Ms.  Pendergast spent over 25 years in the fixed-income structured-finance markets; first in the MBS/ABS markets and then, beginning in 1998, the CMBS market.

Ms. Pendergast has been a leading research analyst in the highly competitive Institutional Investor All-American Fixed-Income Research Team and Orion surveys in the CMBS category. Throughout her career, Ms. Pendergast provided analysis and commentary on commercial real estate credit fundamentals and relative value within the private-label and agency CMBS and structured-product markets, and published several articles and reports on various aspects of the CMBS markets that appear in industry handbooks and academic journals.

Prior to joining CREFC, Ms. Pendergast was with Jefferies Group LLC, a wholly-owned subsidiary of Leucadia National Corporation. She joined Jefferies in July 2009 as a Managing Director and Head of CMBS Strategy and Risk in the Fixed Income Division’s MBS/ABS/CMBS Group. Before joining Jefferies, Ms. Pendergast was a Managing Director in the Fixed-Income Strategies Group at the Royal Bank of Scotland/Greenwich Capital, where she worked for eight years. Ms. Pendergast began her career in 1987 as a research analyst focused on residential and commercial MBS at Prudential Securities.

Ms. Pendergast has a long history with the CREFC, having served as President of the Board of Governors in 2010 and as a Board member from 2001 through 2010.   Ms. Pendergast received a B.A. in English Literature and Political Science from Marymount College of Fordham University. 

Independent Director