Former mortgage chief leaves JPMorgan Chase
Dave Lowman, the former chief executive of JPMorgan Chase (JPM) home lending, will leave the bank, according to an internal memo. Lowman joined the firm in 2006 to lead the mortgage department. Lowman was replaced in February when Frank Bisignano, the firm's chief administrative officer, took over the mortgage lending division. Bisignano sent the internal memo notifying the bank of Lowman's departure. "Dave Lowman and I have decided he will leave the firm. We thank Dave for his five years of service to our firm since joining from Citi in 2006. He worked here during extraordinary times and has said he will take some much needed time off," Bisignano said. The home lending department, like other major banks, continues to face headwinds as the housing market struggles to recover. Chase originated $36.2 billion in new mortgages in the first quarter, down from $50.8 billion from the previous period. Its servicing department, along with other major lenders, came under investigation from the federal regulators and the 50 state attorneys general for recent foreclosure issues. Write to Jon Prior. Follow him on Twitter @JonAPrior.