Liberty Mortgage Corporation - Wholesale - Agency, FHA/VA
Sources that contacted us indicated this came as a complete surprise both to broker clients and the Account Executives at Liberty. We inquired with parent BB&T for more detail and were sent the following statements by VP of Corporate Communications Merrie Tolbert:
"Liberty Mortgage Corporation and BB&T today announced plans to realign its resources and exit the wholesale lending business. By realigning those resources, we will be able to ramp up our commitment to correspondent lending which will increase our ability to grow the Mortgage Warehouse Lending division we gained from the Colonial Bank acquisition."
Tolbert indicated the 51 employees of Liberty were expected to transition to other positions inside the company. "Those who do not transition will be offered severance packages and are considered for open positions in other areas of the company. The Atlanta operations will remain in the current office," she said. Peak volumes for the wholesale operation averaged around $240 million per month according to Tolbert, and recent production had dropped to half that amount.
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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.