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Longtime mortgage industry executive Stephen Thomas announced the creation of FutureWave Finance, a Chicago-headquartered national correspondent lender.

“Lenders need a product-focused approach to grow their residential mortgage business as we are undergoing a secular shift from the rate-driven refinance market that dominated the industry for most of our careers,” said Thomas, who will take on the roles of president and CEO at the start-up. “We are using our vast resources, infrastructure, technical knowledge, and numerous industry relationships to partner and deliver a wide variety of mortgage loan products – with expert pricing – to service that need.”

Thomas served for the last nine years as the senior managing director of mortgage capital markets at the Federal Home Loan Bank of Chicago (FHLBC), where he was also chairman of the MPF Capital Markets Committee, co-director of the FHLBC Office of Diversity and inclusion, co-founder of the FHLB Capital Markets Supplier Diversity Committee and member of the FHLB Housing Finance Reform Task Force.

Prior to the FHLBC, Thomas founded and managed the Mortgage Finance Group at CastleOak Securities. Earlier in his career, he held officer-level roles in capital markets at several firms including Fannie Mae and Countrywide Home Loans.