Webster Ends Wholesale, Correspondent Loan Originations

Webster Bank, NA, a subsidiary of Webster Financial Corp., says it plans to reorganize its mortgage banking group to maximize support for direct and retail banking activities.

Webster will thus discontinue wholesale and correspondent loan originations – reflecting its strategic focus on direct banking activities in its core New England franchise. The firm expects continuing growth in its retail mortgage banking activities.

The reorganization will result in a reduction of staffing levels, mostly in Connecticut. The review and staff reductions will be completed by the end of February.

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