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WaMu Hires Citi Veteran to Lead Home Loan Unit.(David Schneider)
Seattle -- Washington Mutual has hired a CitiMortgage veteran to head its home loan unit.
David Schneider, previously president and COO of St. Louis-based CitiMortgage, has been named president of Washington Mutual's home loan division effective Aug. 8. He will oversee the company's residential mortgage business, including its sales production team and its $730 billion mortgage servicing portfolio.
Mr. Schneider will report to WaMu's chief operating officer, Steve Rotella. Mr. Rotella has served as acting head of the home loan unit since March, when the company said it was searching for a new leader for that business.
The appointment of Mr. Schneider caps WaMu's reorganization of the mortgage unit, which included the appointments of Tony Meola to head loan production and Taj Bindra to head risk management and loan servicing.
Mr. Rotella said in WaMu's announcement that Mr. Schneider has a proven
track record of success in growing a national home lending business, as well as experience with cross-selling home loans across a retail banking network and other distribution channels.
In addition, Mr. Rotella highlighted Mr. Schneider's experience with the integration of businesses that were acquired by CitiMortgage during his tenure at the firm, when Citi bought First Nationwide and Principal Residential. Both firms had large mortgage servicing portfolios in addition to extensive loan origination businesses.
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Source: HighBeam Research, WaMu Hires Citi Veteran to Lead Home Loan Unit.(David Schneider)