Centex Corp. is shopping retail branches of its mortgage subsidiary.
The Dallas-based home builder has decided to exit its retail mortgage operations, Eric S. Bruner, director of public relations for Centex, said in a statement to MortgageDaily.com today.
The retail network includes about 50 branches, he said.
"We are implementing a detailed plan to assure a smooth and orderly transition for the CTX retail branches to a new lender," Bruner stated.
He explained that the retail branches are separate from CTX Mortgage operations that provide mortgages to buyers of Centex homes. Those operations will be retained and continue to provide mortgages to Centex homebuyers without any staff changes.
Centex had been negotiating for several months a sale of the branches to Prospect Mortgage, which last week announced that it will acquire more than 60 branch offices from failed IndyMac Bancorp. But Bruner noted that talks recently fell apart with no deal reached.
"None of the retail operations will close immediately," Bruner said. "The transition will be thoughtfully executed over time."
He added that loans in process will not be impacted.