Prudential Home Mortgage may have gone the way of Ma Bell , but its executives are finding new life at the industry's top companies.
Since the insurance company subsidiary was broken up and sold, many of its former executives have been winding up at Citicorp Mortgage - where one of their own, president Richard Thornberry, is hiring his onetime lieutenants to build operations.
Four Prudential veterans, including Donald Daniel, a managing director who oversaw loans brokered by real estate agents, have joined Citicorp Mortgage as executive vice presidents.
Once one of the market's top lenders, the unit of Prudential Insurance Co. was dismantled this year, with most of the operations - but not many top executives - going to Norwest Mortgage.
Citicorp Mortgage has also hired Jerry Halbrook, Prudential's chief financial officer, for a product development post. And to oversee the loan portfolio, Citi hired David Lowman, who supervised servicing at Prudential, and James Levites, who oversaw servicing for foreclosed properties.
Mr. Thornberry, who had joined Citicorp Mortgage just this year, has wasted little time in bringing a Prudential flavor to operations, industry executives said. "It looks to me like Rick is rebuilding the corporation over there," said one industry observer.
Representatives of Citicorp Mortgage declined to comment on the hirings of Prudential veterans. "Whenever we have an opening we always look to fill them with the most qualified candidates," a spokesman said.
Homeside Lending Inc. has also chosen from Prudential's ranks. The company - a combination of the mortgage units of Bank of Boston Corp. and Barnett Banks Inc. - looked at Prudential's operations last year. It didn't buy the company, but Homeside did snare a Prudential financial executive, Blake Wilson.
"I got to know Blake during our due diligence of Prudential," said Homeside president Hugh R. Harris. "I was very impressed."
Mr. Wilson started last week at the Jacksonville, Fla., lender and will work closely with Mr. Harris as Homeside moves from a private to public company, raising money and dealing with rating agencies.
Some former Prudential mortgage executives have chosen to pursue their own ventures while keeping a hand in the corporate world.
Larry E. Swedroe, vice chairman of Prudential Home Mortgage's parent, has opened his own money management firm, Buckingham Asset Management, in St. Louis. Mr. Swedroe was also recently named to the board of Amerin Guarantee Corp., a mortgage insurer.