Sterling Bank & Trust impacted by Promontory MortgagePath discontinuation
Bank will continue assisting homebuyers with loans
Earlier this year, Sterling announced it outsourced its residential lending services for mortgage loan production to Promontory MortgagePath. This arrangement allowed Sterling to continue to actively participate in the residential loan market without the fixed costs of a full-time staff.
Unfortunately, Promontory MortgagePath recently announced that due to the current economic conditions, it made the difficult decision to shutter operations. Promontory MortgagePath and Sterling will continue to accept loan applications through
“With the rate environment and economic concerns, Promontory MortgagePath has decided to end its operations,” said Thomas O’Brien, Sterling’s chairman, president & CEO. “We enjoyed our partnership but understand PMP’s challenges and the current economic impact on the entire mortgage industry. Sterling is committed to our customers and will continue to work closely with PMP throughout this transition.”
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