Statebridge, a leader in residential mortgage special servicing, announced today that it has hired Jay Memmott to be its President and Chief Operating Officer.

On June 17, 2014, Statebridge announced that it has hired former Seterus President, Jay Memmott to serve as its President and Chief Operating Officer. Prior to joining Statebridge, Jay Memmott was President of Seterus from 2010 to 2014 and was Chairman and Managing Director of Wilshire Credit Corporation from 2000 to 2010. Jay Memmott has served over 32 years in the mortgage finance/servicing industry.

”I have admired Jay’s work at Seterus and Wilshire for many years,” said Kevin Kanouff, CEO of Statebridge. “Bringing on an industry veteran like Jay, who successfully transitioned special servicer Wilshire into an industry leader in servicing GSE loans, allows us to accelerate our plans to be an even better special servicer and to diversify our business model into servicing performing and conforming loans,” said Kanouff.

“I’m very excited about joining Kevin and his team at Statebridge. The team collectively has built a great servicing platform and are perfectly positioned to take their business to the next level of success. As such, I want to be part of that team and that journey. It’s going to be fun.” said Memmott.

Since its founding in 2008, Statebridge has been one of the fastest growing special servicers in the industry. Statebridge management plans to build on that success by diversifying its servicing offerings to include GSE-backed loans.