TIAA Bank Exiting Retail Mortgage Sector

TIAA Bank announced Thursday as part of a restructuring it is departing the retail branch home lending business. Instead, it will concentrate on originating home mortgage loans directly, mainly through its existing digital capabilities.

In a statement, the company announced as part of the realignment, it has reached an agreement that will allow U.S. Bank to extend offers of employment to a number of experienced TIAA Bank staff and assume certain leases on TIAA Bank’s retail home lending offices in key markets across the United States. TIAA Bank will exit the remainder of its retail branch home lending offices as it focuses on serving clients using its existing retail-direct and correspondent lending businesses.

The bank provided no additional information on which locations it will shutter and how many employees might be laid off because of the realignment. No financial information was supplied on the deal between the two banks.

TIAA Bank serves home lending clients in all 50 U.S. states and the District of Columbia, providing a range of residential mortgage products including home-purchase loans and home equity lines of credit. As the banking unit of TIAA, the nation’s leading provider of financial services to the not-for-profit sector, TIAA Bank also serves nearly five million TIAA participants and their families, and more than 15,000 non-profit institutions.