Spring EQ, a nationwide first and second mortgage lender, has hired Saket Nigam to be its senior vice president, capital markets. Nigam, who brings more than a decade of experience working in the mortgage capital markets, will be responsible for leading the company’s continued growth in the consumer-direct and wholesale mortgage markets for first and second mortgage products.
“Saket has significant leadership experience and secondary mortgage market expertise,” Spring EQ CEO Jerry Schiano said. “He thinks like an entrepreneur, has a diverse background, and possesses the skills needed to build a cohesive team. I expect he’ll be an excellent addition to our team.”
Nigam, who will report directly to Schiano, will assume leadership of developing deep and productive relationships with banks, credit unions and Wall Street. “I am looking forward to build upon Spring EQ’s existing successful second lien and first mortgage business,” Nigam said.
“I admire the culture of excellence inside and outside the company and am eager to help fulfill its customer-centric mission.” With the housing market about to shift gears, Nigam said mortgage lenders will need to “sharpen their pencils” in order to grow business this year. “The mortgage industry had one of its best years ever in 2020 with extreme volumes, especially with refinancing. But 2021 will not present the same opportunities,”
Nigam said. “Lenders that don’t have a plan for surviving a higher interest rate environment and lower margins and high turnover are not going to succeed.”
“One area that has room to grow, however, is the home equity market, since home equity loans allow borrowers to tap the equity in their home without having to give up low interest rates,” he added. “While the market for home equity loans has been muted, we expect homeowners will start looking toward second liens as a viable option for accessing cash. With our focus on technology and creating better borrower experiences, Spring EQ is perfectly positioned to help them.”
Nigam has deep expertise gained in global markets and across asset classes such as derivatives, options, and foreign exchange. He holds a Bachelor of Science degree in Mathematics and Economics from the University of North Carolina at Chapel Hill.
Tony Garritano is the founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 20 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting PROGRESS in Lending Association was the next step for someone like Tony, who has dedicated his entire career to providing mortgage executives with the information that they need to make informed technology decisions to help their businesses succeed.