JPMorgan Chase & Co., the second largest home lender in the country, has appointed a new chief executive officer to oversee its mortgage business.
Kevin Watters replaced Frank Bisignano as chief executive officer of mortgage banking at the New York-based company back in December 2012.
Now, Watters is moving out of the leadership role in mortgage banking to become CEO of card services, Chase said in a written statement Thursday.
“Kevin has done an exceptional job positioning our mortgage company for growth,” Chase Co-CEO of Consumer & Community Banking Gordon Smith said in the statement. “He took over the business at perhaps the most challenging time in the cycle and transformed it into a profitable, customer focused, less volatile business with strong controls and an excellent leadership team.”
| Taking the reins from Watters is Mike Weinbach, who is being promoted from his current job as head of mortgage servicing. Weinbach will report to Smith. Prior to joining Chase in 2003, Weinbach was the founder and CEO of U-inspire Inc., where he worked two years, according to his LinkedIn profile. He also spent three years at Salomon Smith Barney. He reportedly earned a Masters of Business Administration at Harvard Business School. Weinbach takes over a business that originated $84 billion during the first-three quarters of this year and serviced “Mike is a talented leader with a wide range of experience,” Smith said. “During his 12 years at JPMorgan Chase, he’s worked across almost every CCB business — consumer banking, business banking, auto and mortgage. He’s been successful in every capacity — he’s run sales, been a CFO and managed large business roles. “And he’s done a fantastic job leading the tough business of mortgage servicing.” A new head of mortgage servicing is expected to be announced in the coming weeks. |
Chase photo of Mike Weinbach |
