Puerto Rico-based Popular Bank is exiting the mortgage business, according to an announcement made last week during the company’s third-quarter earnings call.

“Specifically, as part of our ongoing efforts to improve profitability, we decided to exit the U.S. residential mortgage origination business and to close four underperforming branches in the New York metro area,” said Jorge Garcia, Popular’s chief financial officer. “We will remain focused on areas where we feel we can invest to achieve improved operating leverage.”

The company, which has branches in New York, New Jersey and South Florida, did not specify how many employees will be details ⇒

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