More Chase Executives Head to WaMu
Washington Mutual continues to pluck former J.P. Morgan Chase executives to lead its revamped mortgage lending operations.
John Berens has been named head of service delivery for Washington Mutual's mortgage unit, joining new WaMu president and chief operating officer Stephen Rotella and a host of other former Chase executives at WaMu. At least six other former J.P. Morgan Chase executives have moved to WaMu, including Taj Bindra, executive vice president of home loan finance and servicing operations, as well as Bill Murray, senior vice president and division finance officer, mortgage servicing.
Mr. Berens joined WaMu in early March to manage the company's home loan service delivery. Mr. Berens has 22 years of experience in mortgage servicing, including experience managing prime, nonprime and home-equity business. He also has experience in collections and default management.
In his previous position at J.P. Morgan Chase, he served as senior vice president of default servicing for a $550 billion portfolio in mortgage products and managed a staff of more than 2,000 employees.
In addition, WaMu said that Youyi Chen will lead the newly created mortgage portfolio management and research group. This group will be responsible for behavioral research into pricing sensitivity, prepayment modeling and analysis, and portfolio management. The new position includes responsibility for management of pricing, risk analystics and funding strategies. Most recently, he served as a senior vice president responsible for managing the interest rate risks of J.P. Morgan chase's mortgage servicing rights portfolio.
Mr. Murray, a mortgage business veteran, became division finance officer of mortgage servicing as of Mar. 1. In this role, Mr. Murray will be responsible for forecasting, planning, reporting, risk analytics, communication and performance management for MSR and service delivery. He will be located in the company's New York office. At his former company, Mr. Murray led the MSR valuation, pricing and reporting functions for the capital markets group.
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