Santander Bank Pulls Away From Third-Party Mortgage Originations

Santander Bank is moving on from third-party mortgages and moving towards originating mortgages through its 600 retail bank branches across the U.S. according to a report.

The company does plan on laying off 66 employees in its Villanova offices in conjunction with the move. The report also revealed that there could be more layoffs to come with the total number of layoffs coming in at 80.

"Santander Bank made the decision to exit the third-party originator sales channel within our home loans business. This change will allow Santander to focus exclusively on providing home loan solutions to customers through our mortgage development officer sales force throughout our 600+ branch network," the company said in a statement provided to HousingWire.

While TPO employees will be laid off, the company does plan on providing severance packages and also revealed that rehires for some positions may be in the cards as well.

To learn more about Santander's move, click on the image above.

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