The leader of SunTrust Banks Inc.’s mortgage unit is taking a lesser position at the operation.
Sterling Edmunds Jr., president and chief executive officer of SunTrust Mortgage Inc., has assumed the role of executive vice president — national sales and production manager at the lender.
The demotion is immediately effective.
No reason was given for the move.
Edmunds, who started at a SunTrust predecessor in 1987, will oversee all mortgage production channels.
Taking his place as president and CEO is Jerome T. Lienhard, who will report to SunTrust Banks Inc. Consumer Banking Executive C.T. Hill.
Lienhard has been with the Atlanta-based company for five years, most recently as EVP of strategic finance and administration.
His prior employers include Freddie Mac and Toyota Motor Credit.
Lienhard takes over an operation that saw residential originations sink to $29 billion last year from $50 billion in 2009. The servicing portfolio finished last year at $167 billion, lower than $179 billion at the end of 2009.
