Phil Crescenzo Jr. has joined CrossCountry Mortgage after a brief time at NFM Lending, and he is teaming up with his son, PJ Crescenzo III, to lead a division focused on serving the Southeast. Crescenzo is bringing along a team of roughly ten people and will concentrate his efforts on South Carolina and Georgia. He sees the move as an opportunity to reunite with his son while accessing CrossCountry's flexible product offerings and program mix.
Crescenzo has had an interesting career path since the year 2000, working for five different mortgage companies including Cardinal Financial, Nation One Mortgage Corp., and American Pacific Mortgage before his recent positions. According to HousingWire, Greg Sher at NFM Lending acknowledged that while Crescenzo's tenure there was short, he made a real mark on the organization and they are supportive of his next chapter with his son.
Looking at the numbers, Crescenzo Jr. closed a significant volume of loans last year, primarily FHA and VA products that are crucial for first-time homebuyers and lower-income borrowers. His son brings his own strong production record from American Pacific Mortgage, with a balanced mix of conventional and FHA lending. Together, they plan to leverage CrossCountry's platform to expand credit access in underserved markets.
Crescenzo sees particular opportunity in builder financing and nonqualified mortgages where borrowers need more flexible underwriting approaches. He emphasizes the importance of having creative solutions and efficient teams that can navigate complex loan scenarios. He also points out that CrossCountry's ability to retain servicing on most of the loans they originate gives their loan officers a competitive edge.
CrossCountry Mortgage itself is positioned well in the market as the fifth-largest U.S. mortgage lender and is finalizing its acquisition of Two Harbors Investment Corp., which will expand its servicing capacity and balance sheet strength going forward.
What I am seeing locally here in the Bay Area is that experienced loan officers and teams are still prioritizing flexibility and platforms that can handle diverse borrower situations. The Crescenzos' focus on FHA and VA products reminds me that there's always strong demand from first-time buyers and veterans in our market who need accessible financing options. When seasoned professionals like this choose to partner with larger platforms, it usually signals confidence in those companies' ability to compete and adapt in a changing lending environment.
