Bank of America announced today that Floyd Robinson has been named president of the bank’s consumer real estate division. He replaces Kevin Shannon, who will now serve as the bank’s central credit management and portfolio analysis executive.
Robinson will oversee the bank’s mortgage-related activities and will continue the company’s efforts to become the preferred mortgage and home equity provider. In his new role, Shannon will report to Amy Brinkley, the bank’s chief risk officer.
The announcement is just one more example of changes the mortgage industry has gone through in recent months.
In June, Pete Wissinger, head of Wells Fargo Home Mortgage, moved to Wells Fargo’s retail insurance businesses. Cara Heiden, head of national consumer lending, and Mike Heid, mortgage CFO assumed Wissinger’s mortgage responsibilities.
And Cendant Corp. announced in July it is considering selling its mortgage origination platform and mortgage servicing business. That is one option the company said it would consider as it looks for “strategic alternatives” for its mortgage business.
This week, Countrywide reported a 24 percent decline in loan fundings in August from a year ago.
“This organizational change leverages two of Bank of America’s strongest leaders in two of the most important areas for our company,” said Liam McGee, president of consumer and small business banking. “Floyd is an exceptional leader who will be depended on to help us continually position mortgage and home equity as primary drivers of growth and a basis for deep consumer relationships. Kevin’s leadership has been instrumental in establishing consumer real estate as a contributor to the corporation, and under Amy Brinkley’s leadership, we will all benefit from his focus on managing credit risk across the corporation.”
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