Charlotte Catalfo and John Robbins will become co-heads of Wachovia Securities Wholesale Mortgage. They will report directly to Randy Robertson, managing director and head of Residential Mortgage & Consumer Business. "Charlotte and John are two seasoned leaders with deep experience in the mortgage origination business," Robertson said. "They understand our mortgage broker customers and Wachovia's commitment to providing customers outstanding products and services."
Combined production from both entities totaled $19 billion in 2005. The effective date of the new name, Wachovia Securities Wholesale Mortgage, will be announced shortly.
"We have aggressive goals for our new wholesale mortgage organization, which we believe has enormous potential for production and product innovation," said Curtis Arledge, head of Wachovia's Fixed Income Division. "Our vertically integrated mortgage model leverages our capabilities in the secondary market and will help drive profitability as we meet continued global demand for mortgage-backed securities."
Wachovia Securities is ranked No.1 in loan contributions to Commercial Mortgage Backed Securities in the U.S. and was one of the first to recognize the value of vertically integrated platforms when it purchased AmNet, one of the country's top 20 wholesale mortgage originators, in December 2005. This trend has accelerated recently as more Wall Street firms purchase mortgage originators to provide a steady stream of products for securitization. The continued integration of Wachovia's wholesale mortgage businesses will provide significant competitive advantages for the firm.
Catalfo joined American Mortgage Network as president and chief operating officer in 2005. Prior to joining AmNet, she was senior managing director, Correspondent Lending for CitiMortgage, Inc. Previously, Catalfo held numerous executive positions with Principal Residential Mortgage, Inc., including executive vice president, Production and Production Administration.
Robbins was most recently chief executive officer of American Mortgage Network, which he founded in 1997. He has worked in the mortgage banking industry since 1972. Robbins also founded American Residential Mortgage Corporation, which grew to become one of the nation's largest independent mortgage banks prior to its sale in 1994 to Chase Bank. He is presently serving as chairman-elect of the Mortgage Bankers Association of America.
The Charlotte, N.C., and San Diego offices of the legacy companies will continue to be the main hubs for Wachovia Securities Wholesale Mortgage. The new organization will adopt the decentralized, in-market underwriting and closing process used by American Mortgage Network.
About Wachovia's Corporate and Investment Banking Group
Wachovia's Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income and equities) operate under the Wachovia Securities brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring and execution services. Wachovia's Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S., as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients.
Wachovia Securities is the trade name for the corporate, investment banking and capital markets of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders' equity of $48.9 billion at June 30, 2006.
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