Cenlar FSB, a bank whose primary business is mortgage subservicing, named D. James “Jim” Daras as its sole CEO, ending the shared power arrangement it established after Greg Tornquist’s retirement.
Daras also retains the president’s title he took on last August when he was originally named as co-CEO with Robert Lux.
Lux remains at Cenlar in the chief operating officer position, focusing on its operations and reporting to Daras.
Tornquist, besides being president and CEO, was also Cenlar’s chairman. At the time of his retirement, the Ewing, New Jersey-based company split the roles and appointed David Applegate as chairman.
“Jim is an accomplished and exceptional executive leader with a great deal of experience who will ensure Cenlar continues its commitment to providing high quality service to our customers,” Applegate said in a press release.
Daras first joined Cenlar in 1985 and stayed until 1990, as its chief financial officer. He moved to Dime Bancorp in New York, where he was an executive vice president until 2001.
From 2001 until his return to Cenlar in 2015, Daras worked with several venture capital firms investing in financial services companies, including Loan Servicing Solutions in 2007 where he served as CEO.
When he first returned to Cenlar, Daras was appointed the company’s executive vice president and chief risk officer.
In 2019, Daras moved to an advisory capacity before returning full time in 2022 as executive vice president to manage the company’s banking functions.
“I am thrilled and honored to have been named CEO at this point in Cenlar’s journey,” said Daras. “Cenlar was built on collaboration, expertise, client and homeowner care and the ability to transform itself during each part of its journey, and I am confident in Cenlar’s long-term success.”
However, in October 2021, Cenlar entered into a consent order with the Office of the Comptroller of the Currency, which cited it for having inadequate risk management controls commensurate with the bank’s size.
