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Wescom Credit Union - Wholesale
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2007-12-12
stories: cutimes.com
In an email released to Brokers today, but originally written on the 7th of December, Wescom Credit Union announces the following:
"After careful consideration, Wescom has elected to exit the wholesale lending business for residential real estate loans, effective immediately.
Please be advised that rate locks will no longer be accepted. However, we will honor existing loans in our pipeline. Loans that have been locked will continue to be processed and underwritten according to our normal procedures. Approved loans will be funded as usual."
Self-described in a Press Release:
WESCOM CREDIT UNION is Los Angeles County's largest credit union. It is a not-for-profit, financial services cooperative serving over 235,000 members at 33 branches throughout Southern California, and one Sugar Land, Texas location. With assets totaling more than $2.8 billion, it also ranks as one of the largest credit unions in the country... Wescom was established in 1934 as a credit union for telecommunications employees.
To view the entire announcement, click here (.doc). We placed numerous calls for more information, but had no response at the time of this post. We assume this does not affect Retail Lending.
According to AllMortgageDetail.com, Wescom funded over $43 million dollars per month in 2005.If you have more information on this company, number of layoffs involved, or peak loan volumes, please email us... we would be happy to update this post.
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.