Jason Gillespie, a senior vice president in the warehouse lending division of Southwest Securities FSB of Dallas, has become the second senior official to leave the unit within the past three weeks.
A spokesman for Southwest declined to comment. Sources close to the situation said Gillespie and the other senior manager who departed were unhappy when the bank cut back its commitment to warehouse lending.
A few months ago Southwest had roughly $470 million in outstanding warehouse credits. But in recent weeks the loans were cut back — some by more than half, said one official.
The other executive who left the group was David Frase. His title was executive vice president in charge of warehouse lending.
Gillespie joined Southwest two years ago as senior vice president, mortgage purchase credit. He has been a mortgage banker for two decades.