Wescom CU Pulls Out Of Wholesale Mortgage Lending

Wescom Credit Union, Pasadena, Calif., has elected to exit the wholesale lending business for residential real estate loans, effective immediately.

The $3.853 billion credit union made that statement in a letter to its mortgage brokers on Dec. 12, noting that it made the decision ‘after careful consideration.’

Wescom told brokers that rate locks would no longer be accepted but that the credit union ‘will honor existing loans in our pipeline. Loans that have been locked will continue to be processed and underwritten according to our normal procedures. Approved loans will be funded as usual.’

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