Saket Nigam has joined Spring EQ, a nationwide first and second mortgage lender, as senior vice president, capital markets.
Nigam has more than a decade of experience working in the mortgage capital markets. He has deep expertise gained in global markets and across asset classes such as derivatives, options and foreign exchange.
“Saket has significant leadership experience and secondary mortgage market expertise,” says Jerry Schiano, CEO of Spring EQ, in a release. “He thinks like an entrepreneur, has a diverse background, and possesses the skills needed to build a cohesive team. I expect he’ll be an excellent addition to our team.”
In his new role with Spring EQ, Nigam will be responsible for leading the company’s continued growth in the consumer-direct and wholesale mortgage markets for first and second mortgage products.
With the housing market about to shift gears, Nigam said mortgage lenders will need to “sharpen their pencils” in order to grow business this year.
“The mortgage industry had one of its best years ever in 2020 with extreme volumes, especially with refinancing. But 2021 will not present the same opportunities,” Nigam says. “Lenders that don’t have a plan for surviving a higher interest rate environment and lower margins and high turnover are not going to succeed.”
“One area that has room to grow, however, is the home equity market, since home equity loans allow borrowers to tap the equity in their home without having to give up low interest rates,” he adds. “While the market for home equity loans has been muted, we expect homeowners will start looking toward second liens as a viable option for accessing cash. With our focus on technology and creating better borrower experiences, Spring EQ is perfectly positioned to help them.”