Northpointe Bank in Grand Rapids, Mich., is exiting the correspondent lending business.
The $4.4 billion-asset bank plans to focus more on retail lending, mortgage warehouse financing and specialty loan servicing, according to HousingWire.
Fundings will stop on April 28.
“Due to the significant contraction of the overall mortgage industry, we have made the difficult decision to exit the correspondent lending business,” Chuck Williams, the bank’s president and CEO, said in a statement.
Several banks have been evaluating correspondent lending.
Wells Fargo recently announced plans to exit the business.