HSBC’s mortgage unit will no longer accept business from mortgage brokers and mortgage banking correspondents. More than 300 employees will be impacted by the move.  HSBC Mortgage Corp. closed its indirect lending channels, according to a statement today from spokeswoman Kate Durham. 

This could have a negative impact for many brokers and mortgage lenders that depend on Household for mortgage products.  HSBC shut down their second mortgage division years ago, but completing cutting off wholesale home loans will hurt the mortgage broker world immediately.  Former Ditech mortgage executive said, “It’s a sad day in the mortgage broker world.”  Morris continued, “But rather than wallowing in the mire we need to adapt.”  Morris suggests “finding a good FHA mortgage lender or adding home loan modifications to your portfolio of financing services.”

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   Comment by debt consolidation loans — January 6, 2009 @ 7:07 am

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