A Houston-based mortgage lender has shut down its correspondent lending division.
Aegis Mortgage Corp. announced it exited the correspondent business as of last month.
“Senior management decided it was not a business they wanted to be in at this time,” spokeswoman Pat Wente told MortgageDaily.com.
Aegis did not return calls for comment on whether the decision resulted in any layoffs.
Aegis says it has more than 3,200 employees operating in more than 120 branches nationwide.
The company reportedly funded $12.8 billion in loans in 2004 and is among the top 40 mortgage lenders.
Other mortgage players that shuttered certain business lines include Irwin Financial Corp., which announced plans to unload its conforming operations, and American Mortgage Network, which closed its subprime operations.
