Lument Names Jon Boone Head of Loan Servicing and Asset Management

Lument announced Oct. 7 that it has named Jon Boone senior managing director and head of Loan Servicing and Asset Management (LSAM). Boone joins from Grandbridge Real Estate Capital, where he was executive vice president and national loan servicing manager, and is based in Lument's Birmingham, Alabama, office.

The appointment comes as Lument, a subsidiary of ORIX Corporation USA, expands its third-party servicing business and manages one of the larger servicing portfolios in commercial real estate.

Jon Boone's Background at Grandbridge

Boone spent 23 years at Grandbridge Real Estate Capital. According to Lument, he oversaw a servicing portfolio known for its size and complexity, strengthened governance, elevated operational performance and delivered disciplined execution across Fannie Mae, Freddie Mac, FHA, CMBS, life company, third-party servicing and bank platforms.

Boone has long been active in the Mortgage Bankers Association (MBA) and currently serves as second vice chair of the MBA's CREF Servicing Council.

Lument Executives on the Hire

"Loan servicing and asset management is an essential part of how we support borrowers," Lument CEO James Flynn said. "Jon is a proven leader with a passion for client service. His experience will be invaluable as we continue to grow our in-house and third-party servicing platforms and further strengthen our capabilities."

Boone said: "Lument has established a reputation for excellence across commercial real estate finance, and I am excited to be part of its next chapter. I look forward to working with the team to strengthen an already impressive servicing platform while supporting the firm's continued growth and strategic priorities."

Lument's Servicing Platform and Expansion

Lument's loan servicing portfolio carries an unpaid principal balance exceeding $57 billion across more than 6,500 loans serviced for Fannie Mae, Freddie Mac, HUD/FHA, life companies and other capital providers, the firm said. Lument describes itself as the nation's largest FHA/Ginnie Mae multifamily servicer and a Fitch-rated primary and special servicer.

As part of its growth strategy, Lument is expanding its third-party servicing business. In June 2026, it acquired a $400 million life company servicing portfolio from V.P. Clarence Company, bringing its servicing and asset management portfolio above $56 billion and to approximately 6,500 loans.

Lument has approximately 550 employees in more than 30 offices across the United States. The company offers Fannie Mae, Freddie Mac, FHA, USDA and balance sheet financing for investors in multifamily, affordable housing, and seniors housing and healthcare real estate, along with advisory services including investment sales, investment banking and investment management.

Market Context: Servicing Demand and Refinancing Pressure

The hire follows improved multifamily financing activity in 2026. Small multifamily originations reached an annualized $71.6 billion through the first half of 2026, above the $69.6 billion recorded for all of 2025. Average small-multifamily cap rates rose to 6.0% in the second quarter from 5.8% in the first quarter.

Fannie Mae and Freddie Mac each received an $88 billion 2026 multifamily lending cap, for a combined $176 billion, roughly 20% above 2025. The two agencies financed a record $152 billion of multifamily loans in 2025, up 25% from the prior year. Higher volumes enlarge the population of loans requiring ongoing surveillance as borrowers refinance, sell assets or seek modifications.

Borrowing costs remain a factor. The multifamily cap-rate spread over the 10-year Treasury was approximately 118 basis points in the second quarter, compared with a long-term average of about 290 basis points. Average commercial real estate loan rates were approximately 6.2% in 2025, compared with roughly 4.8% on maturing debt, creating a refinancing gap that raises the importance of loan-level asset management, covenant monitoring and maturity planning.

Lenders have also become more conservative. In the second quarter of 2026, average commercial loan-to-value ratios were 59.6%, down from 60.8%, while multifamily loan-to-value ratios declined to 63.3% from 65.8%. Commercial mortgage spreads narrowed to 204 basis points and multifamily spreads fell to 162 basis points. In an industry survey, 24% of respondents expected stronger borrower demand for commercial real estate and multifamily financing over the next 12 months, versus 35% expecting weaker demand, and 92% expected mortgage and cap rates to weigh negatively on commercial real estate finance businesses.

Outlook for Lument's Servicing Business

Boone's experience across agency, FHA, CMBS, life company, bank and third-party platforms is relevant to Lument's effort to scale its third-party servicing business, which requires administering multiple reporting, covenant, surveillance and default-management standards. Lument's Fitch-rated primary and special servicer status positions it to handle both performing and distressed assets as the refinancing cycle continues.

Sources

• Lument press release: Lument Names Industry Veteran Jon Boone Head of Loan Servicing and Asset Management