Comerica names Haggerty to 2 top posts.

Comerica Mortgage Corp. has named a new president and chief executive.

John R. Haggarty, a former executive vice president at Indianapolis-based Banc One Mortgage Corp., started work on Tuesday. The former president and CEO, Douglas J. Cook, died in October 1993.

Banc One officials did not respond to requests for comment. The lender has not yet announced a replacement for Mr. Haggerty.

John D. Lewis, Comerica vice chairman and director, said Mr. Haggerty possesses the leadership, managerial expertise, and experience necessary to continue the significant growth Comerica Mortgage began a few years ago.

Servicing Shrinks

The Auburn Hills, Mich., lender, a subsidiary of Comerica Inc., saw its home-loan originations grow 54% last year, to more than $2 billion.

But like most lenders, the midsize mortgage originator is well behind that pace this year. As of the end of May, the company had originated only $570 million.

At the same time, the nation's 109th-largest servicer has seen its portfolio shrink over the last two years to $4 billion as of May.

Mr. Lewis attributed that shrinkage to the shifting of some commercial servicing to other areas of the bank. And he said Comerica had sold some servicing to take advantage of accounting rules.

In recent years, Comeriea Mortgage has made moves into Florida, California, and Texas.

Mr. Lewis said he hoped the 50-year-old Mr. Haggerty would continue Comerica Mortgage's expansion.

"We're looking forward to having his signature put on this company as it grows in a profitable context," Mr. Lewis said.

Comerica Mortgage's search for Mr. Cook's replacement began half a year ago, Mr. Lewis said. The search was conducted by Heidrick & Struggles, a headhunting firm.

Mr. Lewis pointed out that initially, some Comerica executives were in the running for the position.

According to a source familiar with the search, a handful of outside mortgage executives were considered for the post. Michael Kozlak, former president of FBS Mortgage Corp., St. Paul, was among those mentioned as a possible replacement.

Mark Springer, president of M.H. Springer and Associates, an executive search firm, offered praise for the hiring. He said Mr. Haggerty was just the experienced lender Comerica was looking for.

And his coming from. Banc One was another plus, Mr. Springer said. He said Comerica Mortgage was looking for someone who had experience originating loans within a large commercial bank.

"What 'I have heard from some of our competitors is that we are lucky to have someone like him on board," said Joseph Lenam, a regional Comerica Mortgage executive in California. "We did good by hiring him."

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