Owner Who Lost Firms in Mortgage Meltdown Returns

This decade’s housing market conditions have taken Daryl Wizelman on a rollercoaster ride of success and failure. Now the former owner and operator of mortgage firms Mandalay Mortgage and United Pacific Mortgage, which both fell victim to the economy – the latter was acquired by Countrywide Financial – is making a comeback in the mortgage-lending world. Last month Wizelman assembled a team of 20 lending professionals, all but two of which had worked with him in past mortgage ventures, and opened two branches in Calabasas under the RPM Mortgage umbrella. The Calabasas branches are helping RPM Mortgage Inc., a private family owned mortgage bank and broker headquartered in Walnut Creek, increase its presence in Southern California. Already, the two branches have more than $30 million in loan volume, according to Wizelman. “We researched many privately-held mortgage companies and found RPM to be the best fit,” Wizelman said. “It was the closest company I could find to UPM both from an operational point of view and cultural point of view.” UPM operated in Tarzana and later in Woodland Hills after opening in 1990. Wizelman and a partner later launched Mandalay Mortgage in 1997. Both firms closed approximately three billion dollars in annual loan volume, employed over 550 people and generated approximately $60 million in annual revenue, according to Wizelman. Both were hit hard by the economic crisis. End of firms Mandalay Mortgage closed its doors in 2007 as a result of the mortgage/ credit crisis and shortly afterwards UPM was sold to Countrywide. “As part of the negotiations with Countrywide every employee at UPM would be guaranteed a job at Countrywide at the same rate or above, which for me was huge,” Wizelman said. “However, by March of 2008 all but a handful of former UPM employees had been fired or had quit.” Countrywide was later acquired by Bank of America. Watching the business he had worked hard to build and grow for more than 17 years unravel with Countrywide’s demise, was “incredibly painful” and caused “endless sleepless nights, depression and anxiety,” Wizelman said. Working with Countrywide during the mortgage meltdown took such a toll in his personal life that it affected his health, and landed him in the hospital with shingles and spiral meningitis, he said. It was then that he decided that a change of direction was in store to put his life back on track. Wizelman took time off to write his book “Heart Leader”, where he highlighted the need to create a business culture that puts people over profits, and became a motivational speaker and business consultant. Reunions Finally the time was right to return to the lending world and he is now reuniting with many of his former colleagues to pick up where they left off, he said. “The mortgage business is lacking exactly what I bring which is creating a warm culture where people feel really good about where they work, a culture of transparency that supports the team both personally and professionally.” Mortgage consultant Alan Sherman is among those old team members that are reuniting in the new RPM mortgage branches in Calabasas. Sherman, who began his career in the mortgage business at UPM in 1999 and later worked at Countrywide after the acquisition, was quick to leave the mortgage firm he had been working for at Wizelman’s invitation. “When he [Wizelman] told me he was opening these branches I asked him when he was opening them, he said July 6, and I was there July 6,” he said. “The way that he runs a company is really about people, he makes you feel great working with him and for some reason my business is increasing, maybe because I like coming to work now,” Sherman added. From a lending standpoint, the timing to jump back into the industry is also right, said Wizelman. Although the real estate world is still in shambles, there are still those seeking to refinance their home especially when mortgage rates are at a 50 year low, he said.