Lewisville, Texas-based Stearns Lending, a specialty wholesale lender has announced the closure of its wholesale business, Stearns Wholesale Lending, after its acquisition by Chicago, Illinois- based Guaranteed Rate, a retail residential mortgage company in January 2021.
The closure of the wholesale channel will impact 348 workers and separations are scheduled by the end of March 13, 2022.
According to a company statement, “The entire group will be shut down, and all employees in the operational unit will be impacted. All affected employees have been notified of their separation dates, and that their separation from employment will be permanent.”
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