Bank of America Corp. has announced a new leader for its mortgage operation once it completes its upcoming acquisition of Countrywide Financial Corp.
The Charlotte, N.C.-based company announced today that David Sambol will lead the combined consumer mortgage business after the purchase of Countrywide is completed.
Sambol is currently the president and chief operating officer of Countrywide. He will continue to report to Countrywide Chairman and Chief Executive Officer Angelo R. Mozilo until the deal is done.
He joined Countrywide in 1985 after a stint as a Certified Public Accountant with Ernst & Whinney, according to Countrywide. He graduated with a Bachelor's degree in Business Administration and Accounting from California State University, Northridge in 1982.
BoA announced earlier this month it would acquire the Calabasas, Calif.-based lender in a $4 billion stock transaction. The deal is expected to close by September.
Sambol will head an operation that is likely to originate around between $425 billion and $475 billion a year -- far more than any competitor. The combined mortgage servicing portfolio will be around $1.85 trillion and the biggest of any residential servicer.
Sambol will report to Bruce Hammonds, who BoA announced will assume a newly created role of Global Consumer Credit Executive when the acquisition is completed.