Magazine article American Banker

Wachovia: Everyone's on the Same Page' Now

Magazine article American Banker

Wachovia: Everyone's on the Same Page' Now

Article excerpt

In addition to federal preemption from the state and local predatory-lending laws that have proliferated in recent years, moving Wachovia Corp.'s mortgage unit under its bank has brought other benefits, the unit's president says.

The move, which took place in May, has also increased cooperation between mortgage and bank employees, C.D. Davies said in an interview Thursday.

For the first time, he said, "everybody's on the same page. We all report to Ben Jenkins and there's now a partnership between mortgage professionals" and retail bankers. (Benjamin P. Jenkins 3d is the president of the general bank with the parent company.)

Mr. Davies, 38, was promoted to president Monday from chief operating officer. He succeeded Debra Warren, who retired.

Wachovia's plans to fatten its market share in the coming year as rates rise and volumes shrink include trying to get more mortgage business from Wachovia's 2,600 retail bank branches.

It used to be that when borrowers visited a Wachovia Bank branch, the only mortgage loan they could get easily would be a home equity loan. They would have to be referred to a Wachovia mortgage consultant for a first mortgage. Now they have more options, Mr. Davies said.

For instance, they can apply for loans with the help of branch staff, communicate with a loan officer from the mortgage unit online, or phone Wachovia Mortgage's call center.

"The customer doesn't have to leave," Mr. Davies said. "The financial [adviser] can help them."

Wachovia funded $21 billion of loans in the first nine months of 2003 and is on track to fund $27 billion for the year, Mr. …

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