ComCor Mortgage - Wholesale - Agency, Jumbo, Reverse

Wholesale lender ComCor Mortgage, a division of Southport Bank based in Waukesha, WI, announced it would exit the wholesale market effective immediately "to concentrate its entire mortgage lending effort on serving the retail forward loan market and the reverse mortgage market."

According to their web site, ComCor Mortgage had 9 Account Executives supported by eight management and operations personnel, in addition to four people responsible for reverse mortgage business. There was also a wholesale branch office in Wheaton, WI. A source we spoke with indicated there were a total of about 25 people, all but a few of which were staying to support the retail operation.

Southport Bank's residential portfolio as of June 30, 2008 totalled over $87 million according to financial data available on the FDIC web site; average monthly volume for the wholesale division ranged between $20 - $30 million, with peaks around $40 million per ComCor Sr. Vice President Greg Morris. We also spoke with National Mortgage Services Director Marie Keller, who indicated they planned to hire originators and build business to "20 or 30 million per month in retail alone," focusing their market in the State of Wisconsin.

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