Gordon Smith, who was just named co-CEO of consumer and community banking at JPMorgan Chase & Co., will assume responsibility for the megabank’s mortgage banking operations in early 2013.
Among residential lenders and servicers, Chase (the brand name of the bank’s mortgage unit) ranks a distant second to industry giant Wells Fargo & Co.
Frank Bisignano, who is currently CEO of mortgage banking (in addition to his job as chief administrative officer), will become co-chief operating officer for JPMorgan Chase.
The moves are part of Chase's plan to unify its consumer businesses, including mortgages. The bank funds residential loans through two channels: retail and correspondent. It also makes warehouse lines of credit to nonbanks but only to firms with a net worth of at least $10 million.
Todd Maclin is the bank’s other co-CEO of consumer and community banking, a post he will hold until the end of 2013, when he will become chairman. At that time Smith will be sole CEO and will oversee the entire offering of consumer products and services.
Smith is currently the company's card, merchant services and auto finance CEO. Matt Zames will join Bisignano as co-COO and remain as head of the chief investment office and mortgage capital markets.
