Wilmington Finance Inc. (WFI) has ceased wholesale mortgage banking originations effective June 17. WFI says it will honor the existing loan commitments in its mortgage banking pipeline and will maintain a reduced retail operation.
WFI, a wholly owned subsidiary of American General Finance Inc., has been engaged in the business of originating nonconforming residential real estate loans directly and through mortgage brokers, and selling those loans to third-party investors.
By year-end 2008, approximately 335 positions will be eliminated, and WFI will provide outplacement assistance to affected employees, the company says.
Source: Wilmington Finance Inc.