What does it mean when a wholesale lender stops accepting wholesale loan applications?
PCF Wholesale, a California-based wholesale mortgage lender, posted an email announcement stating that as of the close of business today, it “would no longer be accepting wholesale quotes or any new foreclosure applications. rates, until further notice”.
The three-sentence email said PCF would continue to honor all current interest rate lock commitments in its wholesale channel and process and fund all loans currently locked in its pipeline. He concluded by stating: “As per our current lock policy, requests for rate lock extensions will be subject to discretionary approval and pricing.”
He added a note: “Do you have any questions? We are here to help you.
Well, yes, we have questions. What does this mean for the future of the company? Will there be staff reductions? What motivated this decision?
What exactly this means for the company’s future is unclear. Repeated messages seeking comment sent to PCF Wholesale CEO and Founder Keith McKay on Thursday and again today have so far gone unanswered. McKay is also founder and CEO of Prime Choice Funding Inc., a related company.
As described on its website, PCF Wholesale is “a wholesale mortgage lender designed to support mortgage brokers and their clients nationwide.” The company, based in Tustin, Calif., operates in 38 states and the District of Columbia, a number that has grown steadily over the past two years.
LinkedIn lists the company’s job size between 51 and 200 workers.
Its website lists loan products that include conventional, FHA, VA, jumbo, and non-QM products.
“With our excellent service, pricing, and industry-leading technology, we pride ourselves on being a wholesale lender you can rely on for all of your loan transactions,” the company states on its website.
Whether it will continue to be a wholesale lender you can rely on remains to be seen.