Bank of America has filled a key vacancy by hiring Claus Lund as head of mortgage sales in the secondary market, officials at the bank confirmed.
The hiring of Mr. Lund, a respected mortgage securities specialist, indicates the San Francisco giant's intention to continue selling an increasingly large portion of its new mortgages.
The job opening at the bank developed when Luke Hayden, a Security Pacific executive who was slated to run secondary mortgage sales, declined the position shortly before the April merger of BankAmerica Corp. and Security Pacific Corp.
Mr. Hayden subsequently left to take a similar mortgage post at Chemical Banking Corp. in New York.
Mr. Lund -- described by colleagues and competitors as a dry-witted man who speaks several languages fluently -- has for the past 18 months been director of mortgage-backed securities for Sun America Financial, a Los Angeles-based insurance concern. …