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.
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