On Wednesday, JPMorgan Chase announced its newest head of Chase's Mortgage Servicing, Peter Muriungi, who will officially take over the duties previously held by Mike Weinbach.
Apparently, there were several executive changes by the end of 2015 for JPMorgan Chase. Weinbach had to leave the Mortgage Servicing position to become the new CEO of Chase's Mortgage Banking Division. He replaced Kevin Watters, who was also relocated as CEO of Card Services, reports Housing Wire.
Before he was named as head of Mortgage Servicing, Muriungi served as the head of Shared Services with the Mortgage Banking Leadership team. He first joined Chase in 2013.
In addition, his team managed to accomplish a significant task for the company. According to DS News:
"His team played a key role in making sure that Chase met all the requirements of the National Mortgage Settlement and the Office of the Comptroller of the Currency's consent order, which was enacted in June 2015. Chase was just released from the OCC's consent order yesterday after the OCC determined that the bank is now in full compliance with the terms of the 2013 Independent Foreclosure Review."
Weinbach even commended Muriungi's team, by saying that "[they] successfully enabled us to tie how we do business with the regulations we follow."
It seems as though Weinbach fully supports the decision behind his replacement, who highlighted the significant impact of Muriungi's work, "Under Peter's leadership, we've made significant improvements in how we serve our customers, while meeting all regulatory requirements."
Before his experience as head of Shared Services, Muriungi was Chase's head of Remediation. During this time, the newly appointed executive implemented the Dodd-Frank Act's required default mortgage servicing rules.
Prior to working with JPMorgan Chase, Muriungi was the Senior Vice President of Special Portfolio Management and Servicing Strategies for GMAC Mortgage. He was also with EMC Mortgage Corporation as Senior Vice President of Strategy and Analytics.
Peter Muriungi earned a bachelor's degree in International Business from the United States International University in Kenya before getting an MBA from East Texas Baptist University.
