It feels like 2007 all over again, what with Citi shutting hundreds of consumer lending branches and now BB&T exiting the wholesale mortgage channel.
Liberty Mortgage Corp., a subsidiary of BB&T, appears to be shutting its doors, according to a memo obtained by National Mortgage News.
The memo from Liberty Mortgage didn’t offer an explanation for the exit, but did say it will honor existing loan commitments so long as they close before August 1.
It’s unclear how many layoffs will result, though the bulk will probably come from the company’s headquarters in Norcross, Georgia, where the sales, operations, underwriting, closing and administrative offices are all located.
North Carolina-based BB&T is one of the largest warehouse lenders remaining, and may be choosing to focus on that segment of the business rather than the seemingly endangered mortgage broker business.
Check out the latest list of mortgage layoffs, closures, and mergers.