A mortgage lender that has originated jumbo mortgages for several recent issuances of private-label securities has disclosed plans to stop accepting business from mortgage brokers. More than a hundred jobs are impacted by the decision.
EverBank Financial Corp. announced Monday that it will close down its wholesale lending business.
The Jacksonville, Fla.-based firm will instead increase its focus on generating production from the retail channel and from correspondent lending clients.
Wholesale regional operations centers in Dallas; Sacramento, Calif.; and Jacksonville, Fla., are being closed as part of the move.
Approximately 150 employees are being laid of as a result the wholesale channel’s closing.
EverBank has been identified as an originator for jumbo loans included in several recent issuances of non-agency residential mortgage-backed securities.