Sterling Bank & Trust impacted by Promontory MortgagePath discontinuation
Sterling Bancorp, Inc. (SBT)
Last sterling bancorp, inc. earnings: 10/28 04:07 pm
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Source: Business Wire
Bank will continue assisting homebuyers with loans SOUTHFIELD, Mich.--(BUSINESS WIRE)--Promontory MortgagePath’s recent decision to end its operations will impact the current mortgage program at Sterling Bank & Trust, FSB (Sterling).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, Ste
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