OceanFirst Bank will exit the mortgage origination business and partner with Embrace Home Loans to provide financing options to its customers, a spokesperson confirmed to HousingWire.

“Residential lending has become dominated in recent years by large-scale wholesale mortgage companies and financial technology firms, prompting many banks to re-evaluate their mortgage business models,” said Jill Hewitt, senior vice president and director of corporate communications and marketing at OceanFirst.

Hewitt added that the bank will now focus on expanding its commercial banking operations.

Over the past 12 months, OceanFirst originated about $870 million in mortgages, according to mortgage tech platform Modex. The company operates with details ⇒

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