KeyCorp has reorganized its commercial mortgage divison in conjunction with closing its deal for Newport Mortgage LP, a multifamily mortgage bank in Dallas.
Former Newport executives in Dallas are to supervise the origination of loans for KeyCorps securitizations a job that had been done in KeyCorps Kansas City, Mo., office, which is run by former officials of National Realty Funding. Cleveland-based KeyCorp bought National Realty this year.
The Kansas City office is to take over Newports portfolio of servicing rights on $1 billion of multifamily loans.
KeyCorp also announced executive changes resulting from its purchase of Newport.
In Cleveland, John E. Case was promoted to president of Key Commercial Mortgage. Mr. Case, who until now managed the production of loans for securitization, will continue to report to George Emmons, executive vice president and national manager of Key Commercial Real Estate.
In Dallas, Jeffrey S. Juster, who was chief executive of Newport, has been put in charge of agency lending programs. He will oversee all aspects of Keys Fannie Mae, Freddie Mac, Ginnie Mae, and HUD multifamily loan production, and report to Mr. Case.
Another former Newport executive, Jerry Wheeler, was named head of origination of agency products and loans for securitization. Key has created 20 posts for the loan officers it calls permanent product specialists; they are to originate both types of loans and report to Mr. Wheeler.
A third Newport veteran, Todd Rodenberg, was named chief underwriter for agency lending. He and Mr. Wheeler report to Mr. Juster.
In the Kansas City office, E.J. Burke, the former chief executive of National Realty, was named director of securitization and servicing. He reports to Mr. Case.