Syracuse Securities Inc.
, a family-run mortgage lender founded in 1963, has announced it is shutting down its operations and transferring its’ current business to Premium Mortgage Corp.
Headquartered in Syracuse, N.Y., has closed more than $4 billion in residential mortgages and is currently servicing over $800 million. The company’s loan officers and some other staff members will become part of Premium Mortgage, which will also close its current Syracuse office in favor Syracuse Securities’ location in neighboring East Syracuse.
Syracuse Securities did not explain why it decided to terminate its business operations at this time. In a press release, the company said it enjoyed “a phenomenal run in an unforgiving and highly competitive business.”
"We are pleased that Premium Mortgage is interested in expanding their operations further into the Syracuse market via the merging of their mortgage professionals with ours," said Larry Smith, president of Syracuse Securities.