Countrywide closes 40% of remaining wholesale fulfillment centers
November 8, 2008
Hat tip to Tyler. Visit his site.
More consolidation and reduction from Countrywide Wholesale. It makes perfect sense as the company has greatly reduced volume on strict underwriting guidelines from Bank of America and lesser demand. Bank of America earlier in the year outlined their strategy to all but eliminate wholesale lending from their lending plans; but whether that has changed or not, the reduction can’t be expected.
Less volume, fewer programs, overlapping resources, and tighter lending restrictions all equal less need for a massive wholesale lending channel.
From Countrywide:
Dear Valued Business Partner:
Thank you for your business and continued support of Countrywide®, America’s Wholesale Lender®. As we diligently continue our integration process with Bank of America, we remain committed to you and your business.
Just over a year ago, we initiated efforts to optimize our business model relative to the market opportunity. Earlier today, we further modified our loan fulfillment operations to align our model as follows:
- Effective immediately, six Wholesale loan fulfillment locations will be consolidated into our remaining fulfillment network. The consolidated network will be comprised of nine Wholesale Loan Centers - including those that specialize in government lending.
- Our account executives will remain in the impacted markets to sustain our commitment to serving you and our mutual borrowers.
- Dedicated fulfillment teams have been formed at our remaining fulfillment center locations to provide immediate and continuing support for our business partners and account executives in the impacted markets.
Many of our business partners will not be directly impacted by these changes. If you are affected by this move, you will receive a separate communication shortly with detailed information on your new loan fulfillment location and team members. You may also log on to cwbc.com to view a list of the impacted loan fulfillment sites along with the corresponding new fulfillment locations and contacts.
If you are currently served by one of our consolidating fulfillment locations, I assure you that measures are in place to quickly and carefully migrate in-progress loan files to your new loan fulfillment team. Your account executive and your new loan fulfillment team are standing by, ready to assist you with both existing and new loan submissions.
I am confident that this aspect of our optimization effort has been planned with the utmost care to minimize any disruption to your business. Again, thank you for choosing Countrywide, and I look forward to our continued and mutual commitment to success.
Todd A. Dal Porto
Senior Managing Director and President
Countrywide, America’s Wholesale Lender
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