Uday Devalla brings 17 years of mortgage banking technology industry expertise, having held technology executive management positions with some of the largest mortgage banking companies in the nation. Prior to joining Stearns, Mr. Devalla was Senior Vice President - Technology Executive, for Bank of America Home Loans and Executive Vice President - Technology Executive, for Countrywide Home Loans.

Mr. Devalla has a proven ability and track record for delivering cost-effective, high-performing and highly-scalable technology solutions in support of business growth and changing business needs. At Bank of America Home Loans, he was responsible for the mortgage origination systems platform which encompassed sales, loan origination, fulfillment, pricing, underwriting, and other systems. Additionally, he was responsible for the design, development and implementation of technology initiatives in support of strategic business goals. Mr. Devalla managed a technology project portfolio of over $100MM, in support of their core mortgage platform.

"We are genuinely thrilled to have Uday Devalla as Stearns' CIO. His extensive knowledge and depth of direct industry experience align with our expansive information technology initiatives," said Brian S. Hale, the Company's Chief Executive Officer. "Uday will oversee all aspects of information technology across all technology systems supporting Stearns business channels, in addition to enterprise applications and systems for all corporate processes."

Mr. Devalla received his PGD - Information Systems Management, from National Institute of Information Technology, Hyderabad, India; and B.S. Physics & Mathematics, from Osmania University, Hyderabad, India.