Community Resource Mortgage - Wholesale

Community Resource Bank has closed their Wholesale division known as Community Resource Mortgage (CRM). Last submissions and locks are today, and all loans must fund by February 15th. Buybacks and re-purchases have been cited as the rationale.

The 14 to 16 people cut represent AE's thru all mortgage middle-management including the VP of the Retail Mortgage Division. Remaining Retail Reps in CRB's 7 Branch locations will apparently be reporting directly to the President of the mortgage division. CRM focused primarily in the South East and up to Tennessee and Virginia.

In an email from Chuck Stiles, VP/Wholesale Production Manager, "Community Resource Mortgage will exit the wholesale lending market effect[ive] Friday, January 18th, 2008."

From a press release put out this morning:

"COMMUNITY BANKSHARES, INC. (AMEX - SCB) -- Community Bankshares Inc., (AMEX:SCB), parent of Community Resource Bank, N.A. (the Bank), announced Friday that the Bank was restructuring its mortgage division, which operates as Community Resource Mortgage, resulting in the elimination of up to 14 jobs."

Here's some historical background from their web site:

Community Resource Mortgage was founded as Resource Funding Corporation, Inc. in 1996 in Columbia, SC. In 2001, we were acquired by Community Bankshares Inc. which was a holding company for several community banks. In January of 2007 Community Resource Mortgage became a division of Community Resource Bank, NA.

According to AllMortgageDetail.com, 2005 volume (most likely Retail AND Wholesale) was over $36 million per month, which dwindled to $6 or $7 million funded (wholesale) in December of 2007. Further detail or information is always appreciated. Please let us know.