SOUTHFIELD, Mich.–(BUSINESS WIRE)–Promontory MortgagePath’s recent decision to end its operations will impact the current mortgage program at Sterling Bank & Trust, FSB.
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 Nov. 30. Sterling will diligently assist customers with mortgage loans throughout the transition.
“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.”
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City. Sterling offers a range of loan products to the residential and commercial markets, as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. For additional information, please visit the Company’s website at http://www.sterlingbank.com.
