Regions Exiting Mortgage Biz

Regions Financial Corp., Birmingham, Ala., is exiting the residential mortgage sector, industry sources have confirmed to MortgageWire.A source inside the company said, "We don't have financial problems," but added that the bank's management does not see residential lending as a good fit "at this time." Regions will fund its current loan pipeline but hopes to be out of the production business by mid-September. According to the Quarterly Data Report, Regions ranks among the top 40 originators in the United States. Regions can be found online at http://www.regions.com.