Colonial National Mortgage - Wholesale - Agency, Jumbo & Construction

On their web site and in an emailed press release today, Colonial National Mortgage announced it would be exiting wholesale lending to concentrate on its retail channel. From the memo:

"The company will continue to accept wholesale locks through February 15 and anticipates that all loans in the wholesale pipeline will be funded by April 15, 2009."

We spoke with V.P. and Division Manager Mark Sims, who said the 30 or so employees affected were being absorbed into other operations within the bank. The wholesale lending channel had accounted for about $30 million per month in production, doing business in nine south central states. Originations across all channels topped $119 million per month on average in 2007.

Colonial National Mortgage is a division of Colonial Savings F.A. in Fort Worth, TX, and should not be confused with Colonial Bank or its parent, Colonial BancGroup, Inc. headquartered in Montgomery, AL.

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