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Cenlar Appoints New Chairman of the Board and Co-CEOs

Cenlar FSB, the nation’s leading mortgage loan subservicer and federally chartered wholesale bank, announced that Dave Applegate has been appointed Chairman of the Board of Directors. In addition, Executive Vice President and Chief Operating Officer Robert “Rob” Lux has been named co-CEO along with D. James “Jim” Daras, who will also serve as President.

Dave, who has been a member of the board since 2020, has more than 30 years of experience in residential real estate, mortgage banking and housing finance. He was previously the CEO for Common Securitization Solutions, LLC, which is a joint venture owned by Fannie Mae and Freddie Mac. Dave was responsible for building the technology and operations platform for CSS that allowed for the launch of the new Uniform Mortgage Backed Security (UMBS). The UMBS is second only to U.S. Treasuries in worldwide trading. Dave was also CEO of various industry leading organizations including Homeward Residential, Radian Mortgage Insurance and GMAC Mortgage and Bank. He has served on numerous boards, including Fannie Mae Advisory Board, the Board of the Federal Home Loan Bank of Pittsburgh, GMAC Real Estate, GMAC Mortgage, GMAC Bank (now ALLY Bank) and Anthracite Capital, a Blackrock affiliate.

“I am proud to be part of an organization that grew to be the nation’s leading subservicer through a relentless focus on serving our clients and their homeowners. Continuous investment in all aspects of our franchise will ensure Cenlar’s commitment to providing both high quality service to our customers and a rewarding work environment for our talented team,” said Dave.

Jim Daras and Rob Lux were recently named to the top executive leadership positions at Cenlar as co-CEOs. Jim has more than 40 years in the banking and mortgage banking industry. He has extensive knowledge in risk management, banking and corporate finance functions, bank restructuring, recapitalization and M&A. He joined Cenlar in 1985 to 1990 leaving his post as Chief Financial Officer to join Dime Bancorp in New York City. Jim returned to Cenlar in 2015 as Executive Vice President where he was appointed Chief Risk Officer. In 2019, Jim moved to an advisory role at Cenlar where he worked alongside former Chairman of the Board, President and CEO Greg Tornquist and the Board. He joined Cenlar full time in 2022 as Executive Vice President to manage the company’s banking functions. As President and co-CEO, Jim continues to manage all banking functions, capital markets, finance and risk activities.

Rob also has more than 30 years of experience in financial services, mostly in the mortgage industry, along with a deep understanding of how technology can be used to enable the business. As co-CEO, he is responsible for Cenlar’s Operations & Technology, Business Development, Client Management, Human Resources, Legal, Corporate Communications and Marketing. He joined Cenlar in 2017 as the Chief Information Officer and was appointed Executive Vice President and Chief Operating Officer in 2019. Before joining Cenlar, Rob was Executive Vice President, Chief Information Officer of Freddie Mac for seven years, where he was responsible for all Information Technology. He also held senior leadership positions at Towers Watson, GMAC Financial Services (now Ally), Electronic Data Systems, and Reuters.

Former Chairman of the Board, President and CEO Greg Tornquist has announced his retirement from Cenlar. Greg, who was with Cenlar for 35 years, was instrumental in building the company’s mortgage subservicing platform.

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