A New Jersey wholesaler has bid farewell to its mortgage brokers.
Lancaster Mortgage Bankers LLC exited wholesale mortgage banking on Friday, according to a notice posted on its Web site.
"Due to dramatic and recent changes in the mortgage banking business we have decided that it is time to close down our operations," the message read. "As of this date Lancaster Mortgage Bankers LLC will no longer be funding loans."
The Warren-based lender offered expanded criteria programs and specialized in Alt-A and No-Documentation loans programs, according to a previous job posting at Hotjobs.
"These leading-edge programs are backed by state-of -the-art technology, a dedicated team of sales professionals and a knowledgeable staff," the employment ad said.
The company reported having mortgage banking licenses in 16 states including Florida, Massachusetts and New York.
Just last month, Sollen Technologies announced it had secured Lancaster as a customer. Lancaster had transitioned from a bulk to a flow model and needed a private labeled site.
"Over the past three years LMB has grown to be a highly recognized lender in the wholesale industry," the Web site said. "We will do everything we possibly can during our unwind phase to best accommodate any way that we can."