Jason Gillespie, a senior vice president in the warehouse lending division of Southwest Securities FSB, has left the bank, the second senior official in the unit to depart within the past three weeks.
A spokesman for the Dallas-based SWS declined to comment. Sources close to the situation said Gillespie and the other senior manager who departed were unhappy when the bank cut back its commitment to warehouse lending.
A few months ago SWS had roughly $470 million in outstanding warehouse credits. But in recent weeks the loans were cut back — some by more than half, said one official.
The other executive who left the group is David Frase, who held the title, executive vice president in charge of warehouse lending.
Gillespie joined SWS two years ago as senior vice president, mortgage purchase credit. He has been a mortgage banker for two decades.
