Key facts
- Benchmark Mortgage is shutting down its wholesale and correspondent mortgage division, Eleven Mortgage.
- The company plans to focus exclusively on its retail mortgage business.
- CEO Norman Koenigsberg stated the decision is strategic to simplify operations and align resources.
- Employees of the wholesale division were informed of the decision.
- As of September 21, Ark-La-Tex Financial Services' wholesale lending activity had originated 2,365 loans totaling $871.9 million year-to-date.
Benchmark Mortgage, a brand of Ark-La-Tex Financial Services LLC, announced on Friday that its wholesale and correspondent mortgage division, Eleven Mortgage, will cease operations. The company stated the decision is strategic, aimed at simplifying its business and concentrating leadership, capital, and resources on its retail division.
CEO Norman Koenigsberg described the move as a deliberate choice to focus on areas with the greatest opportunity, specifically the retail business and its employees. He emphasized the goal of winning in the retail sector.
A former account executive confirmed that the affected team was notified of the shutdown during a call. According to RETR data, as of September 21, Ark-La-Tex Financial Services had originated 2,365 wholesale loans totaling $871.9 million year-to-date. Overall, the company's total loan originations for the year reached 6,373 loans with a volume of $2.26 billion.