twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



SunTrust Abandoning Mortgage Broker Business

Notice indicates impending exit from wholesale lending

Oct. 31, 2013

By Mortgage Daily staff

SunTrust Banks Inc. has made a decision to close its mortgage broker lending business. The move is likely to reduce residential originations by more than 10 percent.

Subsidiary SunTrust Mortgage Inc. notified its wholesale clients on Wednesday that it intends to stop accepting business from mortgage brokers.

A statement from the Atlanta-based company indicated that it will focus its mortgage business on areas that represent the greatest opportunity.

The notice given to brokers offered a little more insight.

"Several weeks ago, SunTrust Mortgage, like many competitors, announced that we will realign our business to a smaller overall mortgage market," the notice stated. "As mortgage lending has become more complex and increased interest rates have reduced refinance volume, we must sharpen our business focus on a few key areas."

The exit date is scheduled for Dec. 31.

SunTrust stopped accepting new applications from brokers yesterday.

The last day to lock registered loans is Nov. 12, while all broker loans must be closed and funded by Dec. 13.

"Clients with applications pending in this channel are not affected by this announcement; we will continue to work to close their loan," the company statement said.

Wholesale business accounted for $3.0 billion of the $25.9 billion originated by SunTrust during the nine months ended Sept. 30, according to earnings data.

For all of 2012, wholesale production made up $5.5 billion of the $32.1 billion in residential production.

In its prepared statement, the lender noted that SunTrust Mortgage will continue to serve clients through its retail, consumer direct and correspondent channels.

"This was a difficult decision, given how long we have been in broker mortgage lending and the loyal relationships we have developed," the broker notice stated.

SunTrust profile

next story

back to current headlines


Mortgage Broker News | Originator Newsletter
Stories about mortgage brokering and broker programs. Profiles of successful mortgage brokers. Articles about mortgage brokers who excel at other activities. Broker lawsuits and criminal broker activity.


Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.



Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders