Popular Inc. in San Juan, Puerto Rico, is exiting residential mortgage lending.
The company made the announcement during its conference call to discuss third-quarter earnings.
“We did make a decision to terminate our mortgage origination business in the U.S.,” Jorge Jose García, the company’s chief financial officer, said during the call.
“We do not believe, given our funding profile and the positive pension in the U.S., that it is a business that we really want to be in at this time,” he added. “There are other things across the organization. … and we do expect to see those benefits that would allow us to reinvest in other things.”
Popular also plans to close four underperforming branches in New York.