Banc One Mortgage, trying to rebound from depressed origination volume, has installed a new chief financial officer.
William B. Naryka will also be executive vice president of the Columbus, Ohio-based lender. He had been CFO of Banc One Investor Services Corp. since 1993.
Mr. Naryka replaces Craig Hart, who will remain with the mortgage company as its comptroller.
Mr. Naryka is yet another commercial banker in a top post at Banc One's mortgage unit. Jeffrey P. Gaia, since last October the mortgage bank's president, was previously chairman and president of Bank One Utah.
The new CFO has been working with the mortgage company since the fourth quarter of 1994. He officially took over as chief financial officer Feb. 1, he said.
Banc One Mortgage is trying to find ways to reduce its substantial overhead and infrastructure, Mr. Naryka said.
"There is a lot of turmoil in the mortgage industry," he said in a telephone interview. "One of the things we are trying to do is determine the value the mortgage company contributes to Banc One."
Loan originations at Banc One Mortgage have plunged. In the first quarter of 1994, Banc One originated $1.5 billion of home loans. The total nosedived by two-thirds, to an estimated $500 million, in the first quarter of 1995.
Banc One was one of the fastest-growing mortgage companies from 1991 through 1993, while originations skyrocketed from $1.6 billion to $7.1 billion. Its servicing portfolio has remained relatively flat, at $18.2 billion estimated for March 31.
Mr. Naryka said he would try to identify and eliminate excess capacity at the mortgage bank. "We need to right-size," he said.
He said staff reductions were likely but gave no details.