Client Situation
A $33 billion S&P 500 bank holding company was operating in six states through four different divisions with seven different legal companies after several non-strategic acquisitions and exit from the residential lending business.
Solution
A E78 executive, as acting president and later SVP, assisted in setting up an integrated strategy and approach to the mortgage business across the holding company. He combined the four operating divisions into one operating company and migrated all businesses onto a single operations system, with one product set and one secondary marketing function. He began an outreach program to the bank’s various retail operations, with ambassadors, to increase coordination and origination. He also established a new set of financial metrics with regular reporting, and incentive compensation systems were rewritten with new metrics for service, quality, and volume.
Results
- The mortgage division doubled production in one year to $1.6 billion
- Net results were improved from losses to multiple basis points on originated volume
