Mortgage firm Mr. Cooper named former Wells Fargo and JPMorgan Chase executive Mike Weinbach its president, effective Feb. 1, the firm announced Tuesday.
Weinbach, who, according to his LinkedIn profile, worked as a self-employed consultant to fintechs and banks after leaving Wells Fargo in September 2022, will replace Vice Chairman and President Chris Marshall, who will retire at the end of this year.
Marshall will remain with Texas-based Mr. Cooper to assist with the transition and oversee fundraising for the firm’s mortgage servicing rights fund, according to a press release.
Weinbach, a 25-year veteran of the financial services industry, will be responsible for leading Mr. Cooper’s operations, including originations, servicing and technology, the firm said.
Before becoming a consultant, Weinbach served as CEO of consumer lending at Wells Fargo, a role he took in April 2020, soon after the bank launched the unit as its own line of business.
Weinbach left Wells after expressing a “desire to do something different,” the bank’s CEO, Charlie Scharf, said in a statement. Wells Fargo then named Kleber Santos, then its head of diverse segments, representation and inclusion, as Weinbach’s replacement.
Weinbach worked at JPMorgan Chase from 2003 to 2020, serving as CEO of Chase Home Lending and holding leadership roles in consumer banking, business banking, mortgage servicing and auto finance, with oversight of sales, finance and operations, according to a press release.
“I have long admired Mr. Cooper’s impressive record of growth and profitability, as well as their commitment to the customer experience, and I am thrilled to hit the ground running with this fantastic team,” Weinbach said in a statement.
Weinbach will receive an annual base salary of $750,000 and a lump-sum signing bonus of $350,000, according to a document the mortgage firm filed Tuesday with the Securities and Exchange Commission.
Weinbach joins Mr. Cooper as it deals with the aftermath of an October cybersecurity attack that exposed the personal data of 14.7 million current and former clients.
The mortgage company shut down multiple systems after discovering the cyberattack Oct. 31. Mr. Cooper’s response to the hack blocked millions of customers from making payments and processing mortgage transactions, leading the firm to set up alternative payment methods online.
The incident has resulted in at least four class-action suits, HousingWire reported.
