TIAA Bank is selling its correspondent lending platform to Pentagon Federal Credit Union for an undisclosed amount of money.

The deal represents the latest mortgage space exit for the Jacksonville-based financial firm. TIAA Bank has laid off more than 200 workers over the past six months as it pivots away from mortgage servicing.

In 2019, the lender announced that it would leave the retail channel, barely three years after it acquired EverBank for $2.5 billion in cash. TIAA has focused on digital mortgages since then.

The company issued a statement this week saying it was in the process of communicating details ⇒

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