SVP | Chief Business Development Officer
Russell Hossain is senior vice president and chief business development officer of PERL Mortgage, where he oversees the sales, secondary marketing and marketing departments. A 23-year veteran of the mortgage industry, he has held numerous operations, secondary marketing and sales positions that give him a unique understanding and overall appreciation of the entire mortgage process.
He most recently served as an executive vice president for Bank of Manhattan in California, where he launched the mortgage banking platform and was responsible for building all aspects of the bank’s mortgage origination business, including marketing, secondary marketing, risk, production and operation. While there, he helped to build a retail channel with $1 billion in production annually and eight retail LPOs in Southern California, and to increase the bank’s revenue to $200 million per year.
Before moving to California, Hossain managed the retail production channel for a national mortgage banker in the Midwest from 2005-2009. He was responsible for growing the retail channel and maintaining profitability for the bank, and also managed a production unit that originated approximately $350 million per month. During his tenure, he helped to increase the retail production channel by 50 percent in 2007; to fund more than $3.5 billion in mortgages in 2009; and to open a wholesale channel that grew to $1 billion in production within a year. He also assisted in starting production regions in California, Texas, Colorado, Arizona, Minnesota, Massachusetts, Vermont and Florida, and was involved in the bank’s warehouse management, risk committee and other areas of growth.
Before joining the national mortgage banker, he served as a vice president of mortgage products at RBC Mortgage from 1997-2005. While there, Hossain managed and maintained profitability for a product line of more than $700 million per month that encompassed ALTA/Jumbo-Fixed/Arms and Heloc/Fixed Seconds. In this capacity, he helped negotiate new price commitments with varied investors and traded loans in the secondary market; managed RBCM’s scenario and lock desks and whole loan trading and transaction management groups; and was involved in developing new products to benefit the retail/wholesale division and RBC Centura Bank. Russell also was active in the risk, fair lending and RBCM product committees.
Before joining RBC Mortgage, Hossain was secondary marketing manager/broker liaison of the wholesale division for Crestar Mortgage Corp. (now known as SunTrust Mortgage) from 1993-1997.