BankUnited Takes Loss, Cuts Wholesale Ops

BankUnited Financial Corp., Coral Gables, Fla., has reported a mortgage-related net loss of $25.5 million ($0.73 per share) for the fourth quarter and announced the closure of four of its nine wholesale residential mortgage sales offices. Alfred R. Camner, the company's chairman and chief executive officer, said BankUnited has made "a strategic decision to significantly reduce our wholesale residential mortgage business." The four wholesale offices closed by the company were located in Arizona, California, Colorado, and Oregon. The company also consolidated nine operations centers into three. "In total, we have reduced our wholesale residential staff by more than 45% and significantly cut our annualized run rate of expenses," Mr. Camner said. "We have also changed our product mix, producing a higher proportion of saleable product, mainly conforming agency and other conduits." BankUnited's fourth-quarter loss was partly attributable to a $65 million provision that increased its allowance for loan losses to $118 million. BankUnited had recorded earnings of $27.4 million ($0.71 per share) a year earlier. The company can be found online at http://www.bankunited.com.