Real Estate Daily Report

Phoenix-based Suburban Mortgage to exit loan origination business - Phoenix Business Journal

  • 📰 phxbizjournal
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

Property Property Headlines News

Property Property Latest News,Property Property Headlines

The Valley firm has already reduced its staff by 80%. phoenix

Citing a lack of loan production, a 34-year-old Valley financial services company will exit the mortgage business.

"After 34 years we decided to conduct an orderly wind-down of our mortgage business," he stated."Capital and liquidity are not the issue, but the lack of loan production. We built an engine to comfortably produce $35 million in monthly loan production. Our bread and butter has always been [mortgage] purchase business driven through our Realtor relationships. However, the volume of purchase transactions is no longer fueling this engine.

The firm employs between 51 and 200 people, according to its LinkedIn page. Martin said that Suburban Mortgage had an 80% staff reduction as a result of this decision.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 254. in PROPERTY

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Great Sell-off has started in real estate - Phoenix Business JournalIt should not come as a surprise that the stubbornly high work-from-home percentage of workers is forcing large pension funds, private equity funds and institutional real estate investors to think twice about their portfolio of buildings.
Source: phxbizjournal - 🏆 254. / 63 Read more »