Thomas Jacob, head of Chase Manhattan Mortgage Corp., is being given responsibility for the bank's home equity and manufactured-housing divisions.
Operations at the Cleveland-based units will continue to be run by Len Zych, said a spokesman for the company, but he will now report to Mr. Jacob, rather than to William Hoefling, head of Chase's national consumer finance division.
The move came as Chase reorganizes its senior management and hands responsibility for investment services and insurance agency to Mr. Hoefling.
It is deja vu for Mr. Jacob, who was responsible for Chemical Banking Corp.'s home equity and manufactured-housing divisions as executive vice president of national consumer lending before the company merged with Chase in 1996.
At yearend 1997, Chase's home equity division had $5.2 billion of loans in portfolio. During 1997, it made $2.3 billion of home equity loans.
Chase's manufactured-housing division made more than $508 million of loans last year. It has $1.4 billion of manufactured-home loans outstanding, making it the fifth-largest such lender in the country. The division has more than 1,200 employees, its parent said.