BankUnited Inc. has made a decision to stop originating residential loans, and the level of loan volume played a role.
BankUnited was created in May 2009 when BankUnited FSB was acquired from the Federal Deposit Insurance Corp.
The buyer, an investment group led by John A. Kanas, plowed $900 million into the financial institution to re-capitalize it.
The Miami Lakes Florida-based organization has confirmed that it has exited the retail mortgage origination business.
“Yes we did exit retail mortgage originations,” BankUnited Senior Vice President Marketing and Public Relations Mary Harris confirmed in a written statement.
Harris explained that the decision to close down the channel was made “due to lack of scale.”
Harris declined to confirm how many people are being impacted by the move.