Mountain West Financial Inc., a privately held mortgage banker based in Redlands, Calif., has announced plans to exit the wholesale lending business.
In a brief notice addressed to its “valued broker partners” posted to its website on Aug. 25, the company said it “has made the difficult decision to take a step back from wholesale lending.”
The notice offered no explanation for why the decision was made, stating only that “we appreciate and are grateful for the partnerships forged and the opportunity to have served you and your borrowers throughout the years.”
The notice states that Mountain West is “committed to remaining transparent and honoring all loans in your BOLT pipeline that have been submitted.” The BOLT pipeline is Mountain West’s digital broker portal.
It continues, “You and your clients can expect the same high level of service that you have received from Mountain West since day one, and as such, all submitted loans must be locked by Friday, Aug. 26th, and all loans must close by Sept. 30th.”
The notice concludes by stating, “It has been our pleasure to partner with you, and we wish you nothing but continued success.”
The notice does not state whether or how the decision will affect company staffing levels. Mountain West employs more than 200 people, according to RocketReach.co, a data website.
Company officials did not immediately reply to a request for comment.
Founded in 1990, Mountain West Financial is a full-service mortgage banker with 35 locations throughout the western U.S. It provides FHA, VA, Conventional, and USDA loans, as well as down-payment assistance programs.
In December, the company announced a new chief executive officer, appointing Michael Delehanty to succeed Gary Martell Jr. Delahanty assumed the role on Dec. 1.
“I’m excited to embrace the new challenges that lie ahead. The company has a long history of success and my goal is to continue that tradition,” Delehanty said at the time.
