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| A mortgage subsidiary of Fifth Third Bank is not shutting down, contrary to published reports. It has, however, eliminated outside account executives.
Home Equity of America Inc. eliminated outside sales functions and will concentrate on growing business through inside sales employees, Amy Williams, a spokeswoman for Home Equity parent Fifth Third Bank, told MortgageDaily.com. The move will reduce its staff by one-third. The shift is a “simple business decision,” as the home equity wholesale lender is looking for the best places to use resources in order to grow its residential line of business, Williams said. Home Equity specializes in prime home equity loans in 23 states that has been offering its products to brokers since 1987, according to its Web site. The Cincinnati, Ohio-based wholesaler will retain inside sales functions, which will conduct business with current and new brokers through phone, and the regional credit center operations, which will continue to support inside sales, Williams said. The company stopped taking applications from outside brokers on April 17 and will fund all the loans in the pipeline until April 30, at which time the layoffs of a total 40 account executives and other outside sales employees are expected to be complete, Williams said. Currently, Home Equity has 123 employees, according to the spokeswoman. |
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