OneWest Bank Chief Executive Officer Terry Laughlin is stepping down to join Bank of America Corp., where he’ll replace mortgage executive Jack Schakett.

Laughlin announced his resignation from the Pasadena, California-based OneWest on June 21 and will stay with the bank through the end of July, according to spokeswoman Diane Henry.

“Terry brings deep mortgage and financial services leadership experience,” Barbara Desoer, president of Bank of America’s home-loan and insurance unit, told employees in a memo obtained by BusinessWeek. “He has played a critical role in the mortgage industry developing creative mortgage finance solutions that balance the need of customers, investors and shareholders.”

OneWest Bank is the parent company of Financial Freedom, the 5th largest reverse mortgage lender in the country according to data from Reverse Market Insight.  It was acquired as part of the deal when OneWest purchased IndyMac Bank in March of 2009.

OneWest CEO Resigns, to Replace Schakett at BofA (BusinessWeek)