Wells Fargo Home Mortgage has shut down its nonprime correspondent lending shop in Baton Rouge, La., as subprime loan production continues to contract."As a result of changing market conditions, we will no longer operate our Correspondent Alternative Lending channel," Wells Fargo vice president Teri Schrettenbrunner said. "We are exploring alternative options for fulfilling the nonprime needs of our correspondent clients. We will continue to serve the nonprime segment of the mortgage market through our retail and wholesale broker channels." The correspondent lending shop was shut down on June 29, and 13 positions were eliminated at the Baton Rouge office.
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