Magazine article American Banker

Prudential Shuffles Execs at Home Loan Unit

Magazine article American Banker

Prudential Shuffles Execs at Home Loan Unit

Article excerpt

The home loan unit at Prudential Insurance Corp. of America has had yet another executive shake-up.

John Lotty has retired from as executive vice president in charge of the lender's extremely successful corporate institutional channel. Mr. Lotty remains affiliated with Prudential as a consultant.

Helen Garrity has replaced him. Ms. Garrity, who assumes the title of executive vice president, was Mr. Lotty's understudy in the business channel that includes corporate relocation, affinity lending, and the employee mortgage program.

The Clayton, Mo., lender has also hired Rebecca L. Walker as a senior vice president to focus on affinity lending and some West Coast operations.

Ms. Walker was the executive vice president responsible for FBS Mortgage Corp.'s residential services department. She spent four years as president of Residential Funding Corp., Prudential's loan unit, during the 1980s.

In 1993, Prudential originated $8 billion worth of loans from its "retail-oriented businesses." Most of that figure comes from corporate relocations and affinity lending.

By comparison, another major player in affinity lending and corporate relocation, Lincoln Service Mortgage, originated about $2 billion worth of loans from this line of business last year.

Phillip W. Bracken, managing director of Residential Services Corp. of America, said the executive changes come with a new focus at the division.

Mr. Bracken said Ms. Garrity will reach out to corporations beyond the Fortune 500 for relocation business. …

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