2012-08-14 — americanbanker.com
The company said it will shift the focus of its mortgage operations entirely on the direct-to-consumer retail channel. The $1.1 billion-asset Pacific said it recently reviewed how to redeploy some of its capital committed to mortgage banking to its core commercial lending in preparation for an eventual increase in interest rates, the company said Monday when it announced second-quarter results. It was also looking to reduce costs and improve efficiency.
Based on its review, Pacific will stop taking mortgage submissions from mortgage brokers after Aug. 31. It will continue to process and fund all mortgage broker-originated loans being processed or originated before that date.
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