American Partners Bank - Wholesale - Agency, FHA/VA & Jumbo

Brokers doing business with Waterfield Bank's wholesale division, APB Wholesale, received the following notice this past Friday:

"In light of current economic conditions and in accordance with the long-term goals of the bank, American Partners Bank has decided to suspend all wholesale lending at this time.

Effective Monday, July 20, 2009, the wholesale lending division will no longer be accepting new loan registrations or lock-ins."

The memo indicates all loans must fund no later than September 30, 2009.

American Partners Bank with its base of operations in Carmel, IN was acquired by Affinity Financial Corp., a Waterfield Group company, in January of 2008 and the name changed to Waterfield Bank. APB Wholesale offered a full range of Agency, FHA/VA and Jumbo loan products across all 50 states. Per their web site, they had three regional wholesale division offices in Bethesda, MD, Marlton, NJ, and Maitland, FL, with a loan production office in Gaithersburg, MD. Earlier this year in February we were told Waterfield Bank's APB Wholesale would be "out" and they would be "finishing [their] pipeline only." At about the same time, the company announced the closure of it's Marlton, NJ office.

A call to the Gaithersburg production office was not returned, but sources indicated there were about 10 Account Executives still with the company and a dozen or so support personnel at each of the branches. Division volumes were reported anywhere between $60 to $70 million per month or more.

If you can provide further details about the scope of Waterfield Bank/American Partners Bank wholesale operations, please send us an email. You may also register for free and post your comments below.