What does it mean when a wholesale lender stops accepting applications for wholesale loans?
PCF Wholesale, a California-based wholesale mortgage lender, issued an email announcement stating that, effective at the close of business today, it would “no longer accept wholesale submissions or any new rate lock requests, until further notice.”
The three-sentence email stated that PCF would continue to honor all current interest rate lock commitments in its wholesale channel and would process and fund all locked loans currently in its pipeline. It concluded by stating, “In accordance with our current lock policy, rate lock extension requests will be subject to discretionary approval and pricing.”
It added a note: “Have questions? We’re here to help.”
Well, yes, we have questions. What does this mean for the company’s future? Will there be staff cuts? What prompted this decision?
Exactly what this means for the future of the company is not clear. Repeated messages requesting comment sent to PCF Wholesale CEO & Founder Keith McKay on Thursday and again today have so far gone unanswered. McKay also is founder & CEO of Prime Choice Funding Inc., a related company.
As described on its website, PCF Wholesale is “a wholesale mortgage lender that is engineered to support mortgage brokers and their clients nationwide.” The company, based in Tustin, Calif., operates in 38 states and the District of Columbia, a number that has continued to grow over the past couple of years.
LinkedIn lists the company's employment size as between 51 and 200 workers.
Its website lists loan products that include conventional, FHA, VA, jumbo, and Non-QM products.
“Through our excellent service, price, and best-in-class technology, we pride ourselves on being a wholesale lender that you can count on for all your loan transactions,” the company states on its website.
Whether it will continue to be a wholesale lender “you can count on” remains to be seen.
