Everbank Exits Wholesale Lending to Focus on Correspondent Channel

In the same vein as Wells Fargo and Chase, Everbank today announced it would no longer be offering a wholesale lending channel.  While nowhere near the size of the larger banks in terms of assets, Everbank had represented a viable option for many mortgage brokers in the dwindling realm of wholesale lending–especially for jumbo and non-conforming loans (though also offered conventional, FHA and VA loans).  The company will close operations centers in Dallas, Texas, Sacramento, California, and Jacksonville, eliminating roughly 150 positions.  </p

“As the housing market recovers and the competitive and regulatory landscape of the residential mortgage industry evolves, we believe now is the time for EverBank to focus on growth opportunities in our retail,rn direct and correspondent lending businesses,” said Robert M. Clements, EverBank’s chairman and chief executive officer.</p

In a separate email to its wholesale business partners this afternoon, the company noted, “after careful consideration, EverBank has decided to focus its third party origination business solely on Correspondent Lending. As a result we are discontinuing our Wholesale broker channel. As you know, our roots are in the mortgage business and residential lending will continuern to be an important part of our future.”</p

The email went on to reassure business partners that the bank remains committed to their correspondent lending channel and also offered a timeline to ensure a “smooth wind down of broker operations.”  Loan applications can be registered through August 16th, 2013, but must be submitted for underwriting by August 23rd, locked by August 30th and funded/closed by October 1st.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.