Sidus Financial, a nonbank mortgage firm that is at least 11 years old, is pulling the plug on its wholesale and correspondent lending division, according to correspondence provided to National Mortgage News.
A Sidus official in the lender’s New England office confirmed to NMN that the company is exiting all third-party lending. “This office will close in July,” she said.
At press time, F. Spencer Cosby, president of the company, could not be reached for comment.
No current production figures were available for Sidus but two years ago it was funding roughly $1 billion in loans.
In a note sent to clients, the company said, “Due to the challenges of the ever changing and evolving mortgage lending market Sidus Financial, LLC has decided to discontinue its wholesale and correspondent lending operations.”
Sidus said it will “work closely with our clients to ensure an orderly transition for customers with mortgage loans in the pipeline. All loans currently in the pipeline will receive full support and continue through the origination process.”
But it will not accept any new rate lock requests after close of business Wednesday, May 25.
Sidus is a Fannie Mae/Freddie Mac and FHA approved lender. It has regional offices in North Carolina, South Carolina, New Hampshire, and Virginia.
