JPMorgan Chase (NYSE: JPM) announced today that Kevin Watters would be named CEO of Mortgage Banking. Watters previously ran Mortgage Origination and led the Customer Experience across Mortgage Banking. He’s been with Chase and its predecessor firms for 13 years.
Kevin Watters Named CEO of Mortgage Banking at Chase (Photo: Business Wire)
As previously announced, Mortgage Banking will fully integrate into Consumer & Community Banking as one line of business serving 50 million customers. Watters will report to Gordon Smith, co-CEO of Consumer & Community Banking. “We’re so pleased to expand Kevin’s responsibilities as CEO of Mortgage Banking,” said Gordon Smith, co-CEO of Consumer & Community Banking. “Under his leadership , we have achieved record revenue and net income in Mortgage Originations, improved our market share, and perhaps most important, greatly improved our customers’ experience at Chase. He’s a great leader, colleague and culture carrier.” “Kevin has been one of the key architects of Mortgage Banking’s return to profitability,” said Frank Bisignano, co-Chief Operating Officer of JPMorgan Chase. “This role is a natural expansion of his successful leadership of Mortgage Originations. I know he’ll continue the strong momentum we’ve had in restoring Mortgage Banking to profitability.” Mortgage Banking has experienced a significant improvement in its business performance over the past two years. Mortgage Banking recorded net income of $2.9 billion as of the third quarter of 2012, compared to a net loss of $1.9 billion as of the third quarter of 2011. Year-to-date in 2012, mortgage banking production income was a record high. Customer service has also greatly improved. Chase jumped to #4 in the 2012 J.D. Power Mortgage Origination Satisfaction Survey up from #12 a year ago . Since 2010, Kevin Watters ran Mortgage Originations and the Customer Experience, including Chase’s four mortgage production channels: Retail, Consumer Direct, Correspondent Lending and Rural Housing. He was also responsible for marketing, product management and the Executive Office. Prior to Mortgage Banking, he served as CEO of Business Banking since 2005. Earlier in his career at the firm, he worked in the Corporate Internet Group, Strategy, and Marketing.