General World News

Santander Bank to stop originating mortgages in the United States

Amid higher rates, lower volumes, and fiercer competition, Santander Bank decided it will stop originating residential mortgages and home equity loans in the United States.

On Wednesday, the bank announced that it will consider applications for residential mortgage or home equity line of credit (HELOC) on the portal EZApply only until Feb. 11.

The Spanish bank said it will continue to service current loans and honor pending borrowers’ applications. The decision will not impact the commercial mortgage business.

The bank explained in a statement in its portal that the decision “allows us to focus our efforts and resources on details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com