Ex GMAC, JP Morgan Exec Takes Over at PHH Mortgage
Luke Hayden is now the president of PHH Corporation (PHH), a top five top retail originator of residential mortgages in the United States. Hayden replaces Mark Danahy and will report to Jerry Selitto, the CEO of PHH Corp. Hayden's last position was CEO of New York-based Renaissance Investment Trust, an equity capital provider in the non-agency lending and securitization space. He also led the capital markets activities restructuring at GMAC Mortgage. Selitto said that Hayden's hire will help to increase PHH efficiency as part of a $100m rethink of operations at the firm. "On the mortgage side, this means driving higher levels of customer service through greater process efficiency, expanding our footprint across additional channels, and diversifying our sources of liquidity to support higher levels of origination," said Selitto. "In the past decade, [Hayden] helped build one of the major national mortgage franchises and has since become a recognized 'go-to' expert on securitization, restructuring and mortgage risk." Hayden also spent 13 years as executive vice president at JPMorgan Chase (JPM) in consumer market risk and managed the home finance mortgage portfolio. Write to Jacob Gaffney. Disclosure: the author holds no relevant investments.