General World News

Celebrity Home Loans exits correspondent channel

Mortgage lender Celebrity Home Loans shut down its correspondent channel and laid off employees on Tuesday. Amid a market downturn, the company has decided to focus on the retail lending business. 

“As one of the few retail lenders that saw production grow from Q1 to Q2, we’ve decided to keep our focus on our greatest strength: retail lending,” David Robnett, chairman and CEO, wrote in a statement. “Unfortunately, that meant the correspondent lending channel we were beta testing came to a close yesterday, affecting 10 of our team members.” 

The executive said the correspondent production represents less than 0.1% of the overall volume in details ⇒

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