Chase Manhattan Bank will operate two recent mortgage acquisitions and Chase Home Mortgage Corp. under a new name, Chase Manhattan Mortgage Corp-, the bank announced.
The new unit will be based in Tampa. Fla.
Chase, which has made expansion of its residential lending business a key strategy, acquired American Residential Mortgage Corp., La Jolla, Calif.. in September of this year and Troy & Nichols Mortgage Corp., Monroe, La,, in July 1993. The American Residential and Troy & Nichols names will no longer be used,
Fred Koons. chairman and chief executive Chase Manhattan Mortgage, said, "We needed to quickly unify our operations with a single, strong name. Chase is determined to be one of the top three mortgage lenders by 1997, and it is essential that our customers understand who we are and what services we offer."
The new entity has divided the country into eastern, central, and western regions and named a new head of each,
Deane Hall, who was executive vice president of Chase Home Mortgage Corp., will head the eastern area; Geoff Dreyer. who was president of Troy & Nichols. has responsibility for the central area; and James Gilcrest. who was chief operating officer and executive vice president of American Residential. will lead the western area.
As of Sept. 30. combined originations of the newly formed organization were $14.7 billion. so it ranks as the fifth-largest loan originator in the nation, the company said.
This includes Chase Manhattan Personal Financial Services. its retail residential jumbo lending unit, and loans originated by Chase Manhattan Bank.