PASADENA, Calif. — Wescom is out of the wholesale mortgage lending business.
An official notice the $2.8 billion credit union sent to its brokers is posted on The Mortgage Lender Implode-o-Meter (http://ml-implode.com/), a year-old Web site that attracts 100,000 visitors daily, and has been sourced by the Wall Street Journal, MSNBC, and Bloomberg publications.
The notice, dated Dec. 12, states, “After careful consideration, Wescom has elected to exit the wholesale lending business for residential real estate loans, effective immediately.”
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