Mortgage lender Wilmington Finance Inc., part of an American International Group subsidiary, announced it has eliminated its wholesale mortgage unit and will lay off 335 employees.

The Plymouth Meeting, Pa.-based firm, a wholly-owned subsidiary of AIG's American General Finance Inc., said it will continue a reduced retail operation, but the wholesale operation effectively ended yesterday.

WFI said it will honor the existing loan commitments in its mortgage banking pipeline. The firm's retail operation offers nonconforming residential real estate loans directly and wholesale through mortgage brokers and sells those loans to third-party investors.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.