ITT Financial combines home lending units.

ST. LOUIS -- ITT Financial Corp. has combined ITT Residential Capital Corp., its mortgage banking operation, and ITT Consumer Financial Corp., its home equity lending unit, into a single financial services company.

Graham J. Williams, 40, who joined ITT Residential in 1992 as president and chief executive, will be CEO of the yet-to-benamed consolidated company.

John D. Broderick, 52, who joined ITT Consumer as chief executive in 1993, has been named to the new position of vice chairman at the parent company.

The company said the move reflects its plan to emphasize secured lending.

The new company, based in San Francisco, will offer a broad range of loans through wholesale, correspondent, and retail origination channels.

Serve Different Segments

The two business units focus exclusively on residential lending but serve different segments of the market.

ITT Residential manages the company's conventional first mortgage activities. including correspondent and wholesale lending, portfolio management. secondary marketing, and mortgage servicing.

ITT Consumer is a home equity lending operation that serves mid-level borrowers with blemished credit records.

Before joining ITT, Mr. Broderick was executive vice president, retail banking, with First NH Bank, New Hampshire.

Earlier, he was a partner and financial services management consultant with Benton International Inc.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER