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Wholesaler Layoffs

Wachovia closing CT center

November 28, 2006

By COCO SALAZAR


photo of Coco Salazar

Wachovia Corp.'s consolidation of its wholesale operations will result in layoffs in Connecticut.

The regional wholesale fulfillment center in Waterbury will close doors early next year and eliminate 74 positions, Wachovia spokeswoman Kailynn Emmel informed MortgageDaily.com in an e-mail statement.

The move is part of a previously announced decision to integrate American Mortgage Network and Wachovia Mortgage Corp.'s third-party lending businesses, she added.

The combined businesses, which had total production of $19 billion in 2005, formed a new unit under the name of Wachovia Securities Wholesale Mortgage, according to the September announcement.

About a year ago, Wachovia acquired the wholesale lender, which Emmel said has 28 offices.

AmNet's business will be handled in Shelton, Conn., and Wachovia's wholesale business will be redirected to Scottsdale, Ariz., the spokeswoman said.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.

e-mail: [email protected]


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.




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