Sidus Financial exits wholesale and correspondent lending
Sidus Financial is discontinuing its wholesale lending and correspondent lending operations, according to a company memo obtained by HousingWire. The Greenville, N.C.-based mortgage lender said the evolving mortgage market created challenges for the company and contributed to the decision to exit the wholesale and correspondent lending spaces. As of Wednesday afternoon, Sidus Financial is no longer accepting new lock requests. Sidus Financial will stop accepting new mortgage applications June 3 and discontinue funding by July 1. The firm plans to work closely with clients to ensure an orderly transition for customers with mortgage loans in pipeline, the memo said. Sidus will continue to accept applications and referrals for reverse mortgages, the company noted. "The entire staff of Sidus Financial would like to offer our heartfelt thanks for your past support and business," Sidus told its wholesale and correspondent lending partners in the memo. "We wish you much success in all your future endeavors." Sidus Financial is a wholly owned owned subsidiary of Yadkin Valley Financial Corp. (YAVY). Yadkin is the holding company for Yadkin Valley Bank and Trust Co.,a full-service community bank providing services in 38 branches throughout North and South Carolina. Sidus Financial has four offices on the East Coast. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.