Lisa Mumford
About Lisa Mumford
Lisa Mumford (age 61) has served on Ellington Financial Inc.’s Board since August 2018. She is a CPA (New York) with a B.B.A. in Accounting from Hofstra University and an M.S. in Finance from Baruch College; she previously served as EFC’s CFO (and CFO of its Manager) from Oct 2009–Mar 2018, and as CFO of EARN from Apr 2013–Mar 2018, overseeing accounting, internal controls, and financial reporting for financial services firms . The Board cites her operational CFO experience and financial statement expertise as core credentials for directorship .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ellington Financial Inc. (EFC) | Chief Financial Officer | Oct 2009–Mar 2018 | Led accounting, internal control, financial reporting |
| Ellington Financial’s Manager | Chief Financial Officer | Oct 2009–Mar 2018 | CFO of Manager overseeing finance functions |
| Ellington Credit Company (EARN) | Chief Financial Officer | Apr 2013–Mar 2018 | CFO; financial reporting for mortgage investment company |
| ACA Financial Guaranty Corp. (ACA FG) | Chief Financial Officer | Aug 2008–Oct 2009 | Oversaw all finance and accounting operations |
| ACA Capital Holdings, Inc. (ACA) | Chief Accounting Officer | 2003–Aug 2008 | Chief Accounting Officer at parent of ACA FG |
| ACE Guaranty Corp. | CFO; Controller | 1988–2003 | Senior finance leadership roles |
| Coopers & Lybrand | Staff Accountant → Audit Supervisor | 1984–1988 | Public accounting; audit supervision |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Radian Group Inc. | Director | Feb 2020–present | Chair, Finance & Investment Committee (since Dec 2021) |
Board Governance
- Independence: Board determined Ms. Mumford is independent under NYSE and EFC guidelines; note she was not independent while employed through Mar 2018 but now qualifies .
- Audit Committee financial expert: Board identified Lisa Mumford as an SEC-defined “audit committee financial expert” and NYSE financially literate .
- Committee assignments: Member of Audit, Compensation, and Nominating & Corporate Governance (no chair roles) .
- Attendance and engagement: Directors are expected to attend all Board/committee meetings; in 2023 there were 30 Board meetings and each director attended at least 95%; in 2024 there were 13 Board meetings with at least 75% attendance; in 2022 at least 85% attendance. She attended the Annual Meetings in 2022, 2023, and 2024 .
- Executive sessions of independent directors: Held at least quarterly; four sessions in each of 2022, 2023, and 2024 .
| Governance Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Board meetings (count) | 13 | 30 | 13 |
| Attendance threshold for directors | ≥85% | ≥95% | ≥75% |
| Independent director executive sessions (count) | 4 | 4 | 4 |
| Committee meetings – Audit | 8 | 11 | 10 |
| Committee meetings – Compensation | 8 | 6 | 9 |
| Committee meetings – Nominating & Governance | 5 | 5 | 5 |
Note: Ms. Mumford was appointed to committees effective Feb 21, 2023 and did not participate in 2022 committee meetings .
Fixed Compensation
- Program structure: Annual cash retainer for non-employee/independent directors; additional fees for committee chairs and Board chair; Longbridge board service carries an extra cash retainer. Ms. Mumford’s “Fees Earned” equal base retainer in each year listed (no chair fees) .
| Year | Base Cash Retainer ($) | Fees Earned ($) | Notes |
|---|---|---|---|
| 2022 | 80,000 | 80,000 | Non-employee director retainer |
| 2023 | 95,000 | 95,000 | Non-employee director retainer |
| 2024 | 105,000 | 105,000 | Independent director retainer |
Performance Compensation
- Equity awards are time-based (no performance metrics). Directors receive OP LTIP Units (Operating Partnership) or Restricted Common Shares under EFC’s 2017 Plan, vesting after one year of continued Board service; 2024 awards for Ms. Mumford were exchanged into Restricted Shares (one-for-one) with vest dates disclosed .
| Year | Award Type | Grant Date | Units/Shares Granted | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| 2022 | OP LTIP Units | Sep 13, 2022 | 6,199 | 90,009 | Vests Sep 12, 2023 |
| 2023 | OP LTIP Units | Dec 14, 2023 | 7,657 | 100,000 | Vests Sep 13, 2024 |
| 2024 | OP LTIP Units → Restricted Shares (exchange) | Sep 11, 2024 (original grant); Dec 27, 2024 (exchange) | 8,378 | 110,003 | Restricted Shares vest Dec 26, 2025 |
Performance metrics: None disclosed for director equity awards; vesting is service-based/time-based .
Other Directorships & Interlocks
- Current public boards: Radian Group Inc. (mortgage and real estate services) – Director since Feb 2020; Chair of Finance & Investment Committee since Dec 2021 .
- Compensation Committee interlocks: EFC disclosed no relationships requiring Item 404 related-party disclosure among compensation committee members; Ms. Mumford’s prior CFO role is noted, but she is now independent per NYSE rules .
| Company | Role | Committee Roles | Tenure | Overlap/Interlock Notes |
|---|---|---|---|---|
| Radian Group Inc. | Director | Chair, Finance & Investment Committee | Feb 2020–present; Chair since Dec 2021 | Same sector (mortgage/RE services); no EFC related-party transactions disclosed |
Expertise & Qualifications
- CPA (NY); B.B.A. Accounting (Hofstra); M.S. Finance (Baruch) .
- Designated Audit Committee financial expert; NYSE financial literacy confirmed .
- Deep mortgage finance and securitization experience across EFC, EARN, ACA FG/ACA, and ACE Guaranty .
Equity Ownership
- Prohibitions: Directors/officers are not permitted to engage in short sales or derivative transactions designed to hedge declines in EFC securities .
- Beneficial ownership: Ms. Mumford’s beneficial holdings and percentage (less than 1%) over time are as follows:
| Metric | 2023 (as of Mar 1, 2023) | 2024 (as of Mar 1, 2024) | 2025 (as of Apr 10, 2025) |
|---|---|---|---|
| Common Shares Beneficially Owned (number) | 78,521 | 63,540 | 79,575 |
| % of Outstanding Common Shares | <1% (*) | <1% (*) | <1% (*) |
Ownership guidelines and pledging policy: No specific director stock ownership multiple or pledging disclosures found; company prohibits hedging/short sales, but pledging is not expressly disclosed in the cited materials .
Governance Assessment
- Strengths: Independence affirmed under NYSE standards; prior CFO tenure now outside the three-year lookback . Audit Committee financial expert designation and CPA credentials bolster financial oversight and investor confidence . Attendance and engagement are strong (Annual Meeting attendance; directors meeting thresholds across years) . Director pay design is balanced with modest cash retainers and time-based equity, aligning interests without encouraging excessive risk .
- Potential conflicts/RED FLAGS: Historical executive role (CFO through Mar 2018) could create perceived ties to management, though independence now affirmed . Sector overlap with Radian (mortgage/real estate services) warrants monitoring for potential interlocks, but EFC reports no related-party transactions requiring Item 404 disclosure among compensation committee members . No pledging policy disclosure; continue to monitor for any pledging or related-party transactions (none disclosed) .
- Committee effectiveness signals: Quarterly executive sessions of independent directors and active committee workloads (Audit/Comp/Nominating meetings) support governance rigor and oversight . Audit and Compensation Committee reports indicate active review of financial reporting and pay policies/practices .
Compensation Committee Composition (2023): Edward Resendez (Chair), Ronald I. Simon, Stephen J. Dannhauser, Lisa Mumford; no Item 404 relationships; Ms. Mumford noted as former CFO . Submitted committee reports (Audit; Compensation) include Ms. Mumford among signatories, evidencing participation .
Related-party framework: Robust review by Nominating & Corporate Governance Committee; defined controls over cross/principal transactions with EMG and affiliates; independent director approvals required for principal transactions .
Clawback policy: Adopted Nov 2, 2023 for executive incentive compensation post Oct 2, 2023 restatements; director equity awards are service-based and not covered as “executive officer” incentive comp .