Branch Banking and Trust Co. plans to exit the mortgage broker channel. By making the move, the company hopes to free up resources for secondary marketing activity.
BB&T Corp. conducts wholesale mortgage lending through Liberty Mortgage Corp.
But that is about to change.
Winston-Salem, N.C.-based BB&T and Liberty today disclosed plans to exit wholesale lending, Vice President Corporate Communications Merrie Betbeze Tolbert said in a statement to MortgageDaily.com.
“By realigning those resources, we will be able to ramp up our commitment to correspondent lending which will increase our ability to grow the mortgage warehouse lending division we gained from the Colonial Bank acquisition,” Tolbert stated. “As you may know, BB&T is a strong player in that arena as we are ranked in the top 10 in the country in correspondent lending, and we believe that now is the time to focus on growing that line of business.”
Around 51 Liberty employees are impacted by the realignment, though the majority are expected to be placed in other mortgage jobs, the spokeswoman said. Severance packages will be available for terminated employees.
