Overview

Headlands Asset Management is a private investment firm specializing in opportunities in performing and re-performing residential mortgage loans. With over $800 million of assets under management, Headlands has invested over $3 billion across sixteen separate funds and nine private label securities to achieve strong risk-adjusted returns on invested capital.

Our investment strategy is to acquire seasoned, performing first lien residential mortgage loans with broad diversification across the United States. Headlands’ twenty-seven experienced professionals and our unified investment process provide a highly scalable infrastructure and unparalleled risk mitigation through proprietary valuation and risk assessment models, in-house due diligence, loss mitigation, and specialized loan servicing. Our multi-tiered approach enhances post-investment yields and improves portfolio credit quality resulting in effective performance and achieving superior returns.

Since inception in 2009 to 2021, Headlands’ funds have never had an unprofitable year, achieving returns of 9% to >20% annually (net of fees).

  • Mieko Willoughby

    President and Chief Executive Officer

    • Over 25 years’ experience in mortgage sales & trading

    • Senior Managing Director, Bear, Stearns & Co., Mortgage Sales & Trading, 1992-2008

    • Founder, Headlands Asset Management

  • Peter T. Paul

    Chairman

    • Over 35 years’ experience in the mortgage banking industry

    • Founder, Headlands Mortgage Company

    • Founder, Paul Financial

    • Founder, Headlands Asset Management

  • Peter T. Paul, Chairman, Headlands Asset Management, LLC

    • Over 35 years’ experience in the mortgage banking industry

    • Founder, Headlands Mortgage Company

    • Founder, Paul Financial

    • Founder, Headlands Asset Management

    Mieko Willoughby, President and Chief Executive Officer, Headlands Asset Management, LLC

    • Over 25 years’ experience in mortgage sales & trading

    • Senior Managing Director, Bear, Stearns & Co., Mortgage Sales & Trading, 1992-2008

    • Founder, Headlands Asset Management

    Kristen Decker, Executive Vice President, Headlands Asset Management, LLC

    • Controller, Headlands Mortgage Company from 1993, Chief Accounting Officer for Headlands post IPO

    • 2003-2008, Founding member and CFO of Paul Financial

    • 2008-2017, Chief Financial Officer of Headlands Asset Management

    • Founder, Headlands Asset Management

    Dennis Tussey

    • Managing Director, Servicing operations for GreenPoint Financial, Bank of America, and Wells Fargo Mortgage

    • Head of Mortgage Loan Servicing of Headlands Mortgage Company from 1993-2003

    • 2003-2008, Founding member and COO of Paul Financial

    Joe Jolson

    • Co-founded JMP Group Inc. in 1999

    • Chief Executive Officer, Chairman, JMP Group Inc.

    • Chief Executive Officer of Harvest Capital Strategies LLC

  • Peter T. Paul, Chairman (2009-Present)

    • Over 35 years’ experience in the mortgage banking industry

    • Founder, Headlands Mortgage Company, 1986

    • Founder, Paul Financial LLC, 2003

    • Co-Founder, Headlands Asset Management, LLC

    Mieko Willoughby, President and Chief Executive Officer (2009-Present)

    • Over 25 years’ experience in mortgage sales & trading

    • Senior Managing Director, Bear, Stearns & Co., Mortgage Sales & Trading, 1992-2008

    • Co-Founder, Headlands Asset Management, LLC

    Stephen Bufano, Chief Financial Officer, Headlands Asset Management (2017-Present)

    • Chief Accounting Officer, Pretium Partners, LLC, 2016-2017

    • Controller, TPG-Axon Management, LP, 2010-2015

    • Controller & Finance Director, Vantium Management, LP, 2009-2010

    Kristen Decker, Executive Vice President, Headlands Asset Management (2009-Present)

    • Controller, Headlands Mortgage Company from 1993, Chief Accounting Officer for Headlands post IPO

    • Founding member and CFO of Paul Financial, 2003-2008

    • Co-Founder, Headlands Asset Management, LLC

    Michael Nocco, Chief Operating Officer, Partner, Asset Management (2014-Present)

    • Over 20 years’ experience in the mortgage industry in a variety of positions including Accounting, Operations, Contract Finance, Due Diligence, and Asset Management

    • Associate Director, Bear, Stearns & Co., Mortgage Sales & Trading, Transaction Management, 1997-2006

    • Vice President, Deutsche Bank, Mortgage Finance, Transaction Management, 2006-2008

    • Vice President, Vantium Management, L.P., Mortgage Finance & Asset Management, 2008-2013

    • Vice President, Apollo Residential Mortgage, Inc., Mortgage Finance & Asset Management, 2013-2014

  • Peter T. Paul Co-Founder, Chairman

    Mieko Willoughby Co-Founder, President & CEO

    Kristen Decker Co-Founder, Executive Vice President

    Michael Nocco Chief Operating Officer, Partner, Asset Management

    Stephen Bufano Chief Financial Officer

    Aron Smetana Chief Information Officer

    Josh Safchik Vice-President, Transaction Management

    Liam Hasandjekaj Analyst, Transaction Management

    Marc Goldberg Vice-President, Asset Management & Loss Mitigation

    Jeff Kendrick Assistant Vice-President, Asset Management & Loss Mitigation

    Denise Jamison Vice-President, Servicing

    Melanie Frank Vice-President, Due Diligence & Collateral Control

    Lisa Cavallero Assistant Vice-President, Due Diligence & Collateral Control

    Diane Betz Vice-President, Data Management

    Matt Giacomini Senior Developer

    Terri Warda Accounting Manager

  • Fidelity Bond Insurer

    Great American Insurance Company
    301 East 4th Street
    Cincinnati, OH 45202
    Phone: (877) 377-2406


    Errors and Omissions Insurance Carrier

    Scottside Insurance Company
    8877 N. Gaines Center Drive
    Scottsdale, AZ 85258
    Phone: (480) 483-6752


    Document Imaging

    Perceptive Software
    8950 Renner Blvd
    Lenexa, KS 66219
    Phone: (913) 227-0585


    Legal Counsel (Headlands Funds)

    Weintraub Tobin
    475 Sansome Street
    Suite 1800
    San Francisco, CA 94111
    Phone: (415) 443-1400


    Legal Counsel (Securitization & Tax)

    Morgan, Lewis & Bockius LLP
    101 Park Avenue
    New York, NY 10178
    Phone: (212) 309-6243


    Legal Counsel (Offshore Fund)

    Maples and Calder
    Ugland House
    S Church St
    George Town KY1-1104, Cayman Islands
    Phone: +1 (345) 814-5410


    Audit Services

    Moss Adams, LLP
    One California Street, 4th Floor
    San Francisco, CA 94111


    Banking

    Wells Fargo Bank
    770 Tamalpias Drive
    Corte Madera, CA 94925
    Phone: (415) 945-2306


    Document Custodian

    U.S. Bank National Association
    7861 Bayberry Road
    Jacksonville, FL 32256
    Phone: (904) 419-5010

    Due Diligence Vendors

    American Mortgage Consultants
    630 3rd Avenue
    Suite 1601
    New York, NY 10017
    Phone: (212) 247-5782

    Clayton Holdings LLC
    100 Beard Sawmill Road
    Suite 200
    Shelton, Connecticut 06484
    Phone: (813) 472-6509

    Title & Tax Vendors

    Stewart Title
    5300 Brandywine Parkway
    Suite 100
    Wilmington, DE 19803
    Phone: (302) 433-8941

    Westcor Investor Services
    880 3rd Avenue
    14th Floor
    New York, NY 10022
    Phone: (321) 214-6860

    Nationwide Title Clearing
    2100 US-19 ALT
    14th Floor
    Palm Harbour, FL 34683
    Phone: (727) 771-4000

    LERETA, LLC
    1123 Park View Drive
    Covina, CA 91724
    Phone (800) 537-3821


    Valuation Services

    Clear Capital
    300 East Second Street
    Suite 1405
    Reno, NV 89501
    Phone: (775) 470-5656

    Single Source Property Solutions
    1000 Noble Energy Drive
    Suite 300
    Canonsburg, PA 15317
    Phone: (866) 620-7577

    Pro Teck Valuation Services
    307 Waverly Oaks Road
    Suite 305
    Waltham, MA 02452
    Phone: (760) 942-2117