Skip to main content

AnnieMac Announces Plan To Close Its Wholesale Business

Sep 30, 2022
Photo credit: Getty Images/Imilian

Website announcement declares plan to close the channel by Oct. 31.

  • Lender said new loan submissions would be permanently suspended as of 5 p.m. ET on Sept. 27.
  • Company said all loans must fund by Oct. 31.

Yet another mortgage lender has decided to close its wholesale business.

New Jersey-based American Neighborhood Mortgage Acceptance Co. LLC, which does business as AnnieMac Home Mortgage, announced on its website this week that it will “cease wholesale operations effective Oct. 31, 2022.”

The notice said the decision is “a result of worsening market conditions.” It added that, “As a valued partner, AnnieMac is committed to an organized and thoughtful transition.”

That was followed by a list of “key dates” set by the company that included that new loan submissions would be permanently suspended as of 5 p.m. ET on Sept. 27, and that floating loans needed to be locked by 5 p.m. ET on Sept. 28

AnnieMac added that all loans must fund by Oct. 31.

The notice added that, “Throughout the course of the transition period, AnnieMac will honor all existing wholesale policies and procedures. Wholesale associates will remain in place to facilitate the transition. Thank you for the honor to serve you.”

Officials at AnnieMac did not respond to requests for comment.

In addition to its headquarters in Mount Laurel, N.J., AnnieMac has locations in 28 other states. According to its website, the company employs more than 200 people overall.

The decision to close its wholesale business joins other companies making similar announcements, including loanDepot, AmeriSave, and Mountain West Financial.

A top executive at one of the nation’s biggest wholesale lenders said earlier this month that he thinks the suffering will continue as long as wholesalers are engaged in a price war. Home Point Financial President of Originations Phil Shoemaker said a price war is forcing some lenders to opt for retail, where cost control is easier, as the economy heads toward a recession and origination slows. 

Home Point Financial is the parent of Homepoint, the nation's third-largest lender overall, which also has been struggling. Homepoint has announced plans to lay off more than 900 employees in November.

About the author
David Krechevsky was an editor at NMP.
Sep 30, 2022
More from
A&D Mortgage Offering New Pricing Tiers for DSCR Loans

Enhancements to help investors buying high-value rental properties

Jun 05, 2024
Flagstar Bank Selling $5 Billion In Warehouse Loans To JPMorgan Chase

The New York Community Bancorp plans to reinvest proceeds from sale into securities holdings

May 15, 2024
UWM Sets Record Q1 Purchase Volume Of $22.1 Billion In Latest Earnings

UWM's purchase volume saw a 7% increase from last quarter and a 15% increase YOY.

May 09, 2024
Rocket Companies Hires First Chief Technology Officer

Shawn Malhotra takes on the role of group Chief Technology Officer (CTO), effective Monday.

May 06, 2024
NEXA Sues Former Co-Founder Mat Grella

The new suit comes shortly after Grella filed suit against co-founder and CEO, Mike Kortas.

May 03, 2024
Ishbia Predicts A Rate Cut By Election Day

CEO of United Wholesale Mortgage shares 'personal perspective' in new YouTube video

May 03, 2024