Wachovia exiting wholesale mortgage business
Industry, Market, News | (1)
In a press release issued today, Wachovia acknowledged that it is “exiting the General Bank wholesale mortgage origination channel” and will no longer offer mortgages through brokers.
The bank recently disclosed that it lost $8.86 billion in the second quarter of 2008 and announced that its quarterly dividend would be slashed to five cents a share.
A reported 10,750 jobs will be cut by the North Carolina-based lender.
Beginning July 25th, Wachovia will no longer offer mortgages through independent mortgage brokers and instead will rely only upon in-house retail loan officers. Vertice, Wachovia’s third-party origination unit is apparently unaffected by the move.
Wachovia becomes the latest ...
