Chase Hires Bank One Servicing Veteran
EDISON, N.J. - Chase Home Finance has named Terry Gentry senior vice president in charge of the largest mortgage servicing business in the industry.Mr. Gentry, 49, joins the Chase Manhattan Corp. unit from Bank One Corp., where he worked more than 20 years, including three and a half years as executive vice president in charge of servicing. Most recently he oversaw the integration of consumer lending divisions of Banc One Corp. and First Chicago NBD.
Mr. Gentry now oversees all aspects of Chase's servicing division, which processes payments on about $300 billion of mortgage, home equity, and manufactured housing loans. He also manages Chase's servicing center in Columbus, Ohio.
Mr. Gentry succeeds Patrick Coon, who came to Chase from Associates First Capital Corp. in September 1998 and left Chase late last month, a Chase spokesman said. Mr. Gentry will report to Stephen J. Rotella, chief operating officer of Chase Home Finance.
Freddie to Auction Reference Bills on Web
McLEAN, Va. - Freddie Mac said it would conduct auctions of its Reference Bills beginning Jan. 10.The program will include one-, two-, three-, six-, and 12-month bills offered in an Internet-based Dutch auction.
Freddie said one-, two-, and three-month maturities would be auctioned weekly in minimum sizes of $3 billion. Auctions for one- and two-month bills will be held on Mondays, with three-month bills auctioned on Tuesdays. Six- and 12-month bills will be sold every four weeks, on Tuesdays, in a minimum size of $1 billion.
Earlier this month Fannie Mae announced its Benchmark Bills issuance program for three- and six-month securities.
Educator, Xerox Exec to Join Fannie Board
WASHINGTON - H. Patrick Swygert and Anne M. Mulcahy have been elected to Fannie Mae's board of directors.Mr. Swygert is president of Howard University in Washington. Ms. Mulcahy is executive vice president for general markets operations for Xerox Corp.
They will begin their terms next year, succeeding James A. Johnson, the former chairman and chief executive officer of Fannie, and Karen Hastie Williams.
Fleet's Suretrade Unit Offering Home Loans
LINCOLN, R.I. - Suretrade, the on-line discount brokerage owned by FleetBoston Financial's Quick & Reilly unit, has begun offering mortgages in partnership with MortgageIT.com, an on-line mortgage originator.Investors who use Suretrade can refinance their mortgages and apply on-line for preapproval. Mortgage customers will get $100 off closing costs if a MortgageIT representative does not respond to an application within an hour.
N.Y. Lender Launches Web Site, Call Center
ROSLYN HEIGHTS, N.Y. - PMCC Financial Corp., a mortgage bank, has launched a Web site, www.mortgagesimple.com and opened an Internet call center in Houston.The company also announced an agreement with an Internet portal site, www.mortagequotes.com, as part of its strategy to drive consumers to its own site. PMCC added that it expects to announce additional banner advertising agreements with Internet portals in coming weeks.