Mike Trapanese, former head of strategy and corporate development at the Federal Home Loan Bank of New York has joined VantageScore Solutions as Senior Vice President, Strategic Planning and Strategic Alliances.
In this new position, Trapanese, whose background also includes a stint as a management consultant, takes responsibility for refining and executing an ongoing strategic plan focusing on the continued growth and traction of the VantageScore model among regulators and consumer lending institutions.
When weighing the decision to join VantageScore, Trapanese said he was intrigued by what he discovered when researching the credit scoring marketplace.
“We have this new and evolving product, the VantageScore credit scoring model, which is in a lot of ways superior to the existing suite that’s been in the market for a long time, and that’s still on the steep part of the adoption curve and running up against a number of hurdles – some of them regulatory and political in nature,” he said. “I take a look at this opportunity from a strategic standpoint, and it seems like a compelling one: That is, how do we extend VantageScore further into the market, deeper into lenders’ books of business?”
Trapanese will also provide outreach to VantageScore Solution’s industry and advocacy partners, as well as to the company’s growing stable of other strategic relationships. He will report to Barrett Burns, president and CEO of VantageScore Solutions.
Prior to joining VantageScore Solutions, Trapanese oversaw strategy and corporate development at the Federal Home Loan Bank of New York. In that capacity, he oversaw development of strategies, programs, investments, and policies to position the bank within the evolving housing-finance supply chain.
Trapanese began his career as a management consultant, working with some of the largest financial services firms in the world on their most pressing strategic challenges.
“The VantageScore model has gained tremendous traction across the consumer credit landscape, and the time is right to bring in an expert who can help us leverage these growing trends and maximize the opportunities ahead,” said Burns. “Mike’s unique skill set that includes deep background in lending and corporate strategy will help VantageScore Solutions continue to grow, and to position ourselves for the future, particularly within the rapidly evolving secondary market for consumer loans.”
Trapanese’s official start date was July 21, 2014. He holds an MBA from the Wharton School at the University of Pennsylvania, where he was a fellow in the Program for Executives, and a BA from Boston College.