Bank of America Senior Technology Exec Leaves to Join Stearns Lending

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)

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.

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).