Dave Lowman, chief executive of JPMorgan Chase’s residential mortgage unit for almost five years, is stepping down, according to a statement issued by the company.
No reason was given for his departure. JPM owns the nation’s third largest home lender and servicer which operates under the trade name Chase.
Back in February JPM gave Frank Bisignano, who was already in charge of the megabank's technology, operations, and real estate units the additional task of overseeing home mortgages. When that change was made Lowman kept his CEO title but reported directly to Bisignano.
In a statement issued Tuesday morning Bisignano said, “Dave Lowman and I have decided he will leave the firm. We thank Dave for his five years of service to our firm since joining from Citi in 2006. He worked here during extraordinary times and has said he will take some much needed time off.”
