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Volume 18 - Number 14

July 11, 2014

Downloads Available: Mortgage Origination Forecasts through 2Q15

New Jersey Lender Exits Retail Mortgage Business

Sun Bancorp, a $3.5 billion banking institution in New Jersey, is leaving the retail mortgage banking business and cutting back on direct home-equity lending due to declining profitability and tighter regulation. The moves are part of a comprehensive plan presented by Thomas OíBrien, Sun Bancorpís new president and chief executive officer, who was brought on board as a consultant in April to restructure the company and ... [Includes one data chart]

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.