Santander Bank decides to end its residential mortgage business in the United States | State
Move ‘unlocks capital to fuel our growth’, says bank
As lending rates rise and the landscape becomes more challenging, Santander Bank, one of the largest banks doing business in New Hampshire, has decided to stop issuing residential mortgages and home equity loans. in the United States, starting February 11.
The bank, based in Spain, announced the decision last week. He said he would continue to service outstanding loans and honor pending borrower requests. It will continue its commercial mortgage lending activities.
The bank said in a statement it was taking a step that “allows us to focus our efforts and resources on digital products, services and capabilities that enable us to better meet the changing needs of consumers.”
Santander said it will focus on growing its U.S. auto loan and consumer lending segments, but plans to focus on middle-market customers in the U.S. and corporates. customers across its global footprint.
The decision is part of an overall restructuring of the bank’s consumer business in the United States, he said.
“The United States is a key market within Santander’s global footprint, and we continue to focus on investing in profitable, large-scale businesses and capabilities. Stopping residential mortgages and home equity frees up capital to fuel our growth and help us[s] Santander US continues to deliver attractive and sustainable returns,” said in a statement,
According to Inside Mortgage Finance, Santander’s residential loan production totaled $2.7 billion in 2020.
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