Brokers today received an announcement via email that Schaumburg, IL based Wintrust Mortgage Corporation would be closing its Wholesale Lending Division effective immediately:
“Effective today, October 15, 2010, Wintrust Mortgage Corporation is exiting the Wholesale business after many years of service to the mortgage brokerage community. This is a business decision based on our need to better focus our assets and attention to the continued growth of our Retail and Correspondent Channels.”
One insider we spoke with told us all of the Wholesale Account Executives were let go earlier today. That amounted to 6 people aligned with the Schaumburg, IL corporate office and another 7 people out of the Overland Park, KS wholesale office (based on the contact lists posted on their web site). We’re told underwriters and an untold number of support staff will remain until sometime in December to close out the pipeline. Our source didn’t have details on the wholesale division’s production, but the company overall averaged more than $302 million per month in 2009.
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