Korell Resigns as IMX CEO

Mark Korell has resigned as chief executive of IMX Mortgage Exchange, San Ramon, Calif., MortgageWire has learned.He had been with the mortgage technology upstart for a year and resigned for "personal reasons," said IMX executive vice president and founder Stephen Fraser. Mr. Korell joined the company from Norwest Mortgage Corp., Des Moines, Iowa, where he was second in command under Mark Oman. IMX operates a fledgling electronic network that acts as a marriage broker, of sorts, between wholesale mortgage lender/investors and loan originators. More than 3,000 individual loan officers are now on the system and IMX is operating in California, Oregon, and Arizona with plans to enter 10 more top markets by mid-year 1999. Mr. Fraser said IMX is "well capitalized" and noted that the company plans to go public within the next year or so. He said Mr. Korell owns a "huge block" of IMX's privately held shares and will do well if the IPO becomes reality. After Mr. Korell left Norwest he was considered a candidate to manage Fleet Mortgage, a shop that has been in turmoil the past two years. Mr. Korell could not be reached for comment. IMX's website address is http://www.imx-exchange.com.