A regional wholesale operation closed up shop today, with Orangeburg, South Carolina-based Community Bankshares Inc. reporting Friday that the bank’s mortgage division would exit broker-based lending and eliminate up to 14 jobs. The division, Community Resource Mortgage, will instead focus exclusively on direct-to-consumer lending through its offices and the bank’s branch offices throughout central South Carolina. The reduction in staff represents 40 percent of the mortgage employees and 6 percent of the bank’s total number of employees. It was unclear how much of the bank’s mortgage activity was originated via the broker channel. “We determined the returns and risks from the wholesale mortgage brokerage function did not justify that line of business,” said Samuel Erwin, Community CEO. “We regret the loss of jobs, but believe these changes will provide for less risk going forward and, in all probability, a less volatile earnings stream for the bank.” For more information, visit http://www.communitybanksharesinc.com.
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