Bank of America Senior Technology Exec Leaves to Join Stearns Lending

  Bank of America Senior Technology Exec Leaves to Join Stearns Lending

Stearns appoints Uday Devalla as Chief Information Officer

Business Wire

SANTA ANA, Calif. -- December 19, 2012

Stearns Lending, Inc., a leading nationwide mortgage lending institution
encompassing retail, wholesale and correspondent business channels, announced
today the appointment of Uday Devalla to the role of Chief Information
Officer. Mr. Devalla was a former Senior Technology Exec at Bank of America.

Uday Devalla leaves Bank of America to join Stearns Lending, Inc., a
nationwide mortgage lender, as ...

Uday Devalla leaves Bank of America to join Stearns Lending, Inc., a
nationwide mortgage lender, as their Chief Information Officer. Uday was a
former Sr. Technology Exec at Bank of America, and brings 17 years of mortgage
banking technology expertise. (Photo: Business Wire)

Uday Devalla brings 17 years of mortgage banking technology industry
expertise, having held technology executive management positions with some of
the largest mortgage banking companies in the nation. Prior to joining
Stearns, Mr. Devalla was Senior Vice President – Technology Executive, for
Bank of America Home Loans and Executive Vice President – Technology
Executive, for Countrywide Home Loans.

Mr. Devalla has a proven ability and track record for delivering
cost-effective, high-performing and highly-scalable technology solutions in
support of business growth and changing business needs. At Bank of America
Home Loans, he was responsible for the mortgage origination systems platform
which encompassed sales, loan origination, fulfillment, pricing, underwriting,
and other systems. Additionally, he was responsible for the design,
development and implementation of technology initiatives in support of
strategic business goals. Mr. Devalla managed a technology project portfolio
of over $100MM, in support of their core mortgage platform.

“We are genuinely thrilled to have Uday Devalla as Stearns’ CIO. His extensive
knowledge and depth of direct industry experience align with our expansive
information technology initiatives,” said Brian S. Hale, the Company’s Chief
Executive Officer. “Uday will oversee all aspects of information technology
across all technology systems supporting Stearns business channels, in
addition to enterprise applications and systems for all corporate processes.”

Mr. Devalla received his PGD – Information Systems Management, from National
Institute of Information Technology, Hyderabad, India; and B.S. Physics &
Mathematics, from Osmania University, Hyderabad, India.

About Stearns Lending, Inc.

Headquartered in Santa Ana, California, Stearns Lending, Inc., and its
affiliated entities, have provided 23 years of exceptional mortgage lending
services throughout the United States where licenses are held. Stearns’
business channels include wholesale, retail and correspondent lending, and
credit union mortgage outsourcing services.

Stearns is licensed and approved to conduct business in 49 states with HUD
(United States Department of Housing and Urban Development). Additionally,
Stearns is a Ginnie Mae Approved Single Family Issuer (Government National
Mortgage Association), an approved Seller/Servicer for Fannie Mae (Federal
National Mortgage Association), and an approved Seller/Servicer for FHLMC
(Federal Home Loan Mortgage Corporation) also known as Freddie Mac. Stearns is
also approved for VA (United States Department of Veterans Affairs), USDA
(United States Department of Agriculture), and is an approved lending
institution with FHA (Federal Housing Administration). Stearns also provides
Jumbo, Conventional and Portfolio loan products.

Stearns is recognized as a Top 20 (2012-Q2) Residential Lender Ranked by Total
Volume, a Top 20 (2012-Q2) Residential Lender Ranked by Total Number of Loans,
the 4th largest Residential Lender Ranked by Wholesale Volume (2012 Q2), a Top
20 (2012-Q2) Residential Lender Ranked by FHA/VA Volume, and has become the
5th largest Privately Held Lender nationwide.* Stearns, as a company, funded
$24 billion over the past three years (representing 100,000 loans funded
“In-house”). Additionally, Stearns has been recognized by Mortgage Technology
Magazine as one of its “Top 25 Tech-Savvy Lenders” for two consecutive years
(2011 and 2012).

The Company was founded in 1989 by Glenn Stearns and is a privately held
company. Mr. Stearns received the 2011 Horatio Alger Award and was named Ernst
& Young’s 2003 Entrepreneur of the Year. In addition, he received the Orange
County Business Journal – 2007 Excellence in Entrepreneurship award.

Stearns Lending, Inc. is located at 4 Hutton Centre Drive, 10^th Floor, Santa
Ana, CA 92707.

For more information call (800) 350-LEND or visit www.stearns.com.

* Information provided by www.mortgagestats.com

2011 Horatio Alger Award Presentation

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Contact:

Stearns Lending, Inc.
Richard S. Donine, Senior Vice President – Marketing
(800) 350-5363
rdonine@stearns.com
www.stearns.com