|An Arizona-based lender has closed its wholesale channel. But a new focus on retail business has the firm recruiting new loan originators and building its branch network.
United Residential Lending LLC is done with mortgage brokers.
The Scottsdale, Ariz.-based mortgage lender advised its brokers yesterday about its decision.
"UR Lending has evaluated our business model in the context of the current market," an e-mail message yesterday to mortgage broker customers said, "and has decided to exit our wholesale lending business channel, effective immediately."
Company executives did not immediately respond to a request for more information.
But an online profile at the Jigsaw Business Directory indicated that the company has between 25 and 100 employees and brings in annual revenues of between $1 million and $10 million.
United said it offers FHA, agency and jumbo loan programs on a national basis.
Yesterday's message went on to say that the company's sole focus going forward will be on the retail business channel. United said it has already begun recruiting loan officers and branches in nine states including Arizona, California and Colorado. Prospects were encouraged to e-mail their resume's to [email protected].
"While it has been a difficult decision, we are excited to offer our current and future employees an opportunity to excel in our technology driven retail business model," United President and Chief Executive Officer Gary Willis said in the notice to brokers. "We believe in order to thrive in this market we must position ourselves for growth by concentrating our resources and efforts on our retail division."