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Stearns Lending Appoints Mortgage Industry Veteran David Lowman to Board of Managers

Lowman brings 40 years of national and international finance expertise to support Stearns growth plan

Stearns Lending, LLC ("Stearns"), a leading mortgage lender with Wholesale, Retail, Joint Ventures, and Preferred Partners, announced today that mortgage and consumer finance industry veteran David B. Lowman has been appointed to the Stearns Holdings, LLC Board of Managers, effective February 1, 2020.

Lowman brings 40 years of national and international finance expertise to the Stearns Board. Lowman is the former Executive Vice President with Freddie Mac, where he led the transformation of Freddie Mac’s Single-Family business to a client-centric, commercial enterprise. Under his leadership, the company embraced a culture of innovation and growth, which culminated in Freddie Mac achieving portfolio and market share growth.

Prior to joining Freddie Mac, Lowman served as CEO of Chase Home Lending, overseeing $150 billion in annual production and a $1.2 trillion servicing portfolio at what was then the country's third-largest mortgage originator and servicer. He spent a decade in senior leadership roles in various Citigroup businesses, where he led the growth and transformation of U.S. and global consumer lending businesses.

In making the announcement, Stearns CEO David Schneider said, "As we enter our next 30 years in the mortgage industry, the appointment of Dave to the Stearns Board will provide a unique mortgage perspective to build upon the strong foundation our Board has established. I have known Dave for nearly 20 years and look forward to working with him to support our growth plan."

"I am excited by the opportunity to work closely with Blackstone and the Stearns Lending executive team to help the company achieve its strategic objectives," said Dave Lowman. "Stearns is a unique platform that is well positioned to grow organically and through additional partner relationships."

About Stearns Lending, LLC

For 30 years, Stearns Lending, LLC, has been a leading provider of mortgage lending services in Wholesale, Retail, and Strategic Alliance sectors throughout the United States, where licenses are held. The company is a Top 20 Independent Mortgage Lender and was listed as one of the Top Mortgage Companies in America in 2018 by Mortgage Executive Magazine.

Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single-Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC, is located at 401 E. Corporate Drive, Suite 150, Lewisville, TX 75057. Company NMLS# 1854.

About Blackstone

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $512 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

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Contacts

Stearns Lending, LLC
Andrew Pohlmann, Chief Marketing Officer
(469) 331-9056
andrew.pohlmann@stearns.com