Spring Mountain Escrow Inc., one of the two companies jointly purchasing Weyerhaeuser Mortgage Co., seems on the surface an unlikely acquirer of mortgage assets. But the company is headed by a seasoned mortgage executive who once was in line to head the mortgage operations of BankAmerica Corp.

Scott A. McAfee, president and chief executive of Irvine, Calif.-based Spring Mountain, was the head of Security Pacific Corp.'s mortgage unit before Security Pacific merged with BankAmerica in 1992. He was selected to head the combined mortgage operations at BankAmerica but turned the job down.

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