A took awhile, but it looks like HSBC has finally decided to throw in the towel, leaving very few mortgage lenders in the wholesale space.
The company announced today that it would cease both wholesale and correspondent mortgage lending effective immediately, as a result of, you guessed it, “unprecedented market conditions.”
HSBC will continue to process loans registered as of today, but all loans must be locked by December 2 and funded by January 20.
It’s unclear how many employees in total will be affected by this decision, though 225 workers have been given 60-day notice at HSBC’s 1,100-strong facility in the Buffalo, NY area, per the Buffalo News.
Shares of HSBC ended the day up 17 cents, or 0.32%, to $52.48, not far from their 52-week low of $49.51.
Check out the latest list of mortgage lender closures, layoffs, and mergers.