Advanced Financial announces the addition of W. Ray Bell as president/chief executive officer of AFI Mortgage Corp.SHAWNEE, Kan.--(BUSINESS WIRE)--Aug. 15, 1995--Advanced Financial Inc. (AMEX AMEX See: American Stock Exchange :AVF) announced the addition of W. Ray Bell as president/chief executive officer of AFI Mortgage Corp. (AFIM). Bell will also be elected to the company's board of directors at the next meeting of the AFIM board of directors. Since 1992, Bell has served as president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Commonwealth Mortgage Corporation of America, and president of Fundamental Holdings Inc., formerly Fundamental Mortgage Corporation, where he was responsible for contractual and operating activities involving more than $15 billion in servicing. Prior to that, he was president of the banking division of Commonwealth Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , managing the deposit and loan activities of forty-four branches with deposits in excess of $2 billion. Bell was also employed by GEICO GEICO Government Employees Insurance Company Financial Services for ten years, serving in Europe for seven years. His responsibilities culminated with the position of managing officer of GEICO Financial Services, GMBH in Europe. Bell will be replacing AFIM's current President William B. Morris. Morris will be remaining with the company as an officer and director. Morris commented, "As a substantial shareholder of AVF, I am very excited to have Mr. Bell come on board and help us attain our goals of becoming a leader in the mortgage banking industry. The fact that we were able to attract an individual with Mr. Bell's experience reinforces the idea that our company is heading in the right direction." Norman L. Peterson, chairman of the board of AFI, states that "Mr. Bell brings more than twenty years of successful experience in the mortgage banking and financial services industry to AFI. We are extremely pleased to have him as our new chief executive." Advanced Financial Inc. (AFI) is an American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. listed holding company with its principal operations conducted through the wholly owned AFI Mortgage Corp. (AFIM) subsidiary. AFIM is a full service residential mortgage banking company originating and servicing single family first and second mortgage loans. AFIM has all approvals necessary to service mortgages for the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, privately owned, government-sponsored organization that uses private capital to buy home mortgages as a means to help lower housing costs. (FHLMC See Federal Home Loan Mortgage Corporation. ), Government National Mortgage Association (GNMA) and private investors in secondary mortgage markets. CONTACT: Advanced Financial Inc., Shawnee Brad Morris, 913/441-1160 |
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