Exec Who Ran Crowded Banc One Unit Is on the Outside After Two Years in

The executive who oversaw day-to-day operations at Banc One Mortgage has left to join a consulting firm.

Albert V. Will resigned as chief operating officer at the Indianapolis unit of Bank One Corp. late last month, after almost two years on the job.

Industry executives said that Banc One Mortgage's top management ranks had become increasingly crowded over the past year, and that Mr. Will may have felt less integral to operations.

Jeffrey Gaia, the mortgage unit's president, said that the parting was on amiable terms, and that current executives would take over Mr. Will's duties.

Mr. Gaia said Mr. Will was responsible for assembling the unit's management, including several former managers of American Residential Services Corp. of America, where he had worked before joining Banc One. American Residential was sold in 1995 by Prudential Insurance Co. to Norwest Mortgage.

In an internal memo Mr. Gaia praised Mr. Will's "contributions to our organization." Mr. Will is credited with helping launch a new originations system and was part of a drive to broaden marketing channels through technologies like the Internet.

With $3.3 billion of originations in 1996, Banc One Mortgage ranks among the industry's top 50 lenders.

Now, Mr. Will plans to offer his skills to the mortgage industry at large. He will become a managing director at Neologics of Irvine, Colo., a software and technology firm that assists lenders.

He said he was pleased that the job would be more "entreprenurial" than his old one at Banc One. He is said to have an ownership interest in Neurologics but declined to say whether that is true.

Neologics, which has done work for Banc One, also counts among its clients Chase Manhattan Mortgage and General Motors Acceptance Corp.

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