First National Bank of Arizona has shut down its wholesale and correspondent mortgage operations

News has just broken that yet another bank has decided to shut down their wholesale and correspondent mortgage operations. The bank in question is the First National Bank of Arizona, this is one of Arizona’s largest banks, and the reason for closing down their wholesale and correspondent mortgage operations is because they want to focus more on their operations on their retail origination.

The First National Bank of Arizona shut down this operation effective from 1pm EDT on the 21st August. Any wholesale and Correspondent locks which was received before 1pm EDT will be honored, which will be a relief for customers.

In 2006 FBNA’s mortgage operations grew to a massive $7.6 billion, but it is not sure if these figures include just fundings or for the total of the banks mortgage book. It is not certain if or how many jobs will be affected by the closing of this mortgage operation.