Tuesday it was announced that they would be closing the department I currently work for. This means in the next few months, I will be out of a job. I am all too aware of what the current economy looks like and I am scared. I am taking a few days to allow this news to sink in and then I am hitting the ground running.
Chase to Cease Origination through Wholesale/Broker Business
Home lending remains an integral part of our firm’s overall financial strategy and as such, we have a responsibility to our customers, shareholders and employees. Moving forward, we have decided to focus on loan originations through Chase bank branches, our Consumer Direct business, and retail-originated loans acquired from Correspondent lenders. Our new strategic direction is supported through the recent merger with Washington Mutual, which increased our bank branch inventory nationwide and enables us to serve nearly 70 percent of the American population.
As a result of our strategic decision, we are closing our Wholesale business.
We continue to purchase retail-originated loans through our Correspondent business, which includes our Warehouse Lending unit. Our Rural Housing program remains unaffected by this change.New Wholesale Registration and Locks will NOT be accepted after end of day on Friday, January 16, 2009.
This decision has been an extremely difficult one, but in this current environment, we feel it is the most prudent one to make.
Please review the bulletin below in detail as to any impacts to you and your business process with Chase.
Wholesale Bulletin #EA2009-05
Thank you for your business and support over the years