Guaranty Residential Shedding Retail

Guaranty Residential Lending, Austin, Texas, has decided to shed its nonbank retail mortgage lending network.A spokesman for Temple-Inland, Guaranty's parent, confirmed that the paper products company is repositioning the origination activities of its subsidiary, but offered few details. "It came as a real shocker," said a source close to the company. In a statement, Temple-Inland confirmed that all retail mortgage offices not located in branches of Guaranty Bank will be sold or closed. Asked if TI had hired an investment banker to sell the branches, the spokesman declined to comment. GRL is an affiliate of the bank., which is owned by TI. GRL/GB plans to continue funding residential loans through brokers and correspondents. About half its production is retail, according to figures compiled by National Mortgage News. GRL is the nation's 44th-largest lender. TI can be found online at http://templeinland.com.