Mark Korell, one of the mortgage industry's luminaries, has resigned from his post as president and chief executive officer of software maker Industrywide Mortgage Exchange after little more than a year.
Mr. Korell is a former chief executive of Norwest Mortgage, Des Moines, the nation's leading mortgage lender. He left Norwest in May 1997 and joined IMX in July, after entertaining an offer for the CEO post at Fleet Mortgage.
Hummer Winblad, the venture capital firm that owns IMX, confirmed Mr. Korell's departure but would not say why he left. Mortgage executives say demand for the company's services has been sluggish.
John Hummer, a partner in Hummer Winblad, has taken over as acting chief executive of IMX.
Mr. Korell was with Norwest for two years, including a month as chief executive, before departing in May 1997. Before joining Norwest, he headed the lending unit of General Motors Acceptance Corp.
Neither Mr. Korell nor Mr. Hummer was immediately available for comment.