A Florida-based lender is shuttering its broker channel.
Liberty Home Lending will no longer accept broker applications, according to an Aug. 4 notice.
“As a result of continuing weakness in the housing market and the related risks associated with lending in this market, Liberty Home Lending has made a strategic decision to reduce our wholesale lending operations,” the Boca Raton-based company said in the notice. “Over the coming months, Liberty Home Lending intends to focus on retail lending and specific wholesale relationships.”
The lender, which says it was founded 15 years ago, originates conforming, jumbo and FHA products loans, according to an employment ad posted online.
Liberty says it is licensed to operate in 30 states and Washington, D.C.
But the company lost its license to lend in Washington, D.C., in April. And Wisconsin reports Liberty’s surety bond was canceled on Feb. 16 — leading to its license revocation in that state.
Liberty indicated that it intends to continue its national wholesale lending operations once housing markets stabilize and capital market conditions improve.
In its help-wanted ad, the company said wholesale account executives were expected to close a minimum of $5 million monthly from a base of at least 40 mortgage brokers.
AllMortgageDetail.com reports the company took 3,098 applications in 2006 for $630 million.
A marketing e-mail message posted at iContact.com from December was titled, “Liberty Home Lending — Open for business to fund your loans.” The message touted Alt-A programs, SIVA and SISA loans with scores as low as 660 and 100 percent financing options.
