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Washington Savings Bank, F.S.B. - Wholesale - Agency, FHA, VA
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2008-03-10
The Washington Savings Bank, F.S.B. (WSB) in Bowie, MD announced its Wholesale division would cease doing business as of Friday 2008-03-07. The following is an excerpt from the memo sent to Brokers:
"As the financial markets have continued to retract, we have found, that keeping up with the multiple investor changes for products and pricing, has turned into a full time job that has too many opportunities for error. Our investors have begun to flee the wholesale channel of business, and with no place to sell these loans, TWSB has made the decision to simply exit this channel of business."
Calls to a number of AEs and the corporate office were not immediately returned. If you can provide additional details on their wholesale operation, please email us.
Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.