Shawn Miller has parted ways with nonperforming mortgage investor Arch Bay Capital, but is now starting a new origination firm backed by the company he left.
According to a statement released to ASR‘s sister publication National Mortgage News, Miller and other former senior managers at Arch Bay will manage the new company. The other officers joining Miller at the new venture include Steven Davis, Tim Gannaway, Gene Clark and Brian Norton.
At Arch Bay Miller he held the title of president and chief executive. The company is based in Irvine, Calif.
The statement says they will own the new mortgage company, which will operate as a subsidiary of Arch Bay. But a spokesperson for the group did not know where the company would be based or what its name might be.
When asked why Miller and Stevens left Arch Bay—which NMN reported on last month—she declined to comment.
About a year ago Arch Bay tried to launch an origination division and even hired several workers, but then pulled the plug on the idea without explanation.
Arch Bay, which has invested roughly $1 billion in NPLs, is owned by York Capital Management, a private investment firm.