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Chevy Chase Cuts Correspondent Channel

Mortgage News

Chevy Chase Bank has stopped doing new correspondent business.

A note sent to mortgage banking customers yesterday and reviewed by MortgageDaily.com said the correspondent lending division is “no longer accepting locks and registrations until further notice.”

Chevy Chase also noted loans currently floating will not be locked.

The Bethesda, Md.-based company said its wholesale unit is still accepting new business without interruption.

Among wholesale programs still offered by Chevy Chase are conforming no-ratio loans that ignore employment and income, conforming no-income no-asset loans and conforming stated-income loans, according to its Web site.

Correspondent customers were advised to contact their account executives about questions and inquiries.

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