Charter One (Wholesale) - Wholesale
Charter One Specialty Lending Group, a division of Royal Bank of Scotland Citizens, N.A. announced this morning "...the Bank has decided to exit the wholesale mortgage lending business."
The Royal Bank of Scotland entered the U.S. market in 1988 by acquiring Citizens Financial Group Inc. in Providence, Rhode Island, and followed that three years later with the $10.3 billion purchase of Cleveland-based Charter One Financial Inc.
With branches in 13 states, and non-branch retail and commercial offices in about 40 states their web site shows 1,617 Branches, and over 24,000 employees. We've been told the product mix was about 65% 2nd mortgages and HELOCS, with the remaining being Agency firsts.
According to All Mortgage Detail, they funded over 29,000 loans in 2005 totaling over $3,362,000,000.00. Current information is limited at this time, but we have tips that about 50 to 100 AE's will be cut, and no word on Operations staff, except there 'may' be an opportunity to join the Retail Lending operations for some impacted by this closure.
If you have more information, please let us know.
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Important: This company is on our list of lending operations that have "imploded". 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.