One of Greater Washington’s largest home mortgage lenders has a new CEO to start the year.
Tim Wilson, who has been president and CEO of Prosperity Home Mortgage for nine years, has stepped down from those roles, the company announced. In his place, Prosperity has elevated COO Justin Messer, a 12-year veteran of the Chantilly-based business.
Wilson will continue as chairman of the board of the company, which funds about $25 billion in home mortgages a year across the country and is a part of Berkshire Hathaway’s HomeServices of America.
Prosperity is the eighth-largest lender in the D.C. area by volume, hitting $2.37 billion in local loan volume for 4,609 home mortgages last year, all but 13 of which were fixed-rate. Messer cites its ties to Long & Foster, for many years the region’s largest residential real estate agency until it was eclipsed by Compass Inc., for helping to fuel that growth.
The leadership transition happens as interest rates remain high and the housing market slows down, something Messer says Prosperity is prepared for.
“We have to make sure we’re appropriately sized, which we feel we are,” Messer said in an interview. “Mortgage specifically will see a consolidation and companies going out of business. It will be a much smaller market in mortgage going forward. The real key is to keep your company positioned so once we’ve turned the corner in the market cycle, which we will, we’re able to really thrive in that marketplace.”
Any housing market slowdown will be tied to mortgage rates coming down, and he said he doesn’t expect those rates to be elevated so long that they require a long-term market shift.
Messer, a Detroit native, has worked with Wilson for a decade. The two of them have overseen a wide expansion for Prosperity, whose licensed footprint now serves 49 jurisdictions and covers a range of loan products and has 500 mortgage consultants.
“Justin brings exceptional leadership qualities to Prosperity and the HomeServices executive team, and we look forward to continuing to work with him in the months and years to come,” Gino Blefari, CEO of HomeServices of America, said in a statement.