Celebrity Home Loans drops correspondent business
Celebrity Home Loans drops correspondent business
Abstract
Celebrity Home Loans has closed its correspondent mortgage channel, according to reports and a LinkedIn post. Correspondent lending is perceived as a middle ground between wholesale and retail. The only TPO business at two of the largest banks, Wells Fargo and Chase, is correspondent. In April, Home Point Capital sold its correspondent business to Planet Home Loans as it elected to concentrate on wholesale as the mortgage business contracted. But correspondent lending can have its own issues. In the first quarter, price competition caused Mr. Mr. Cooper to reduce its activity.
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