Stearns Wholesale is now history, more are sure to follow:
From: Victor Ciardelli, CEO and President Guaranteed Rate
To: Stearns Approved Brokers
Subject: Stearns Wholesale Lending Closure
As you are aware, Guaranteed Rate acquired Stearns Wholesale in the early part of 2021 with the ultimate goal of becoming the nation's #1 lender. To ensure our success means we must sometimes make hard decisions. A strategic review has brought us to the decision to discontinue our third-party wholesale channel, Stearns Wholesale Lending. We are incredibly proud of the accomplishments and the many relationships Stearns Wholesale has built over the years by delivering high-quality products and a great customer experience.
Our leadership team is committed to making what is already the best value for our customers an even better value. Looking forward, Guaranteed Rate will continue to thrive and win market share by having laser focus on leveraging our industry-leading purchase platform augmented by the best loan officers in the business.
While exiting the wholesale business has been a difficult decision for Guaranteed Rate, we know it is far more personal and difficult for you, our loyal customers. We will be working diligently to ensure every one of our people and customers is supported through this challenging time.
There are several dates to make note of to ensure that your transactions have a smooth journey through the process:
Last day to register a loan
Wednesday, January 12th @5pm PST
Last day to forward lock a loan
Wednesday, January 12th @ 5pm PST
Last day to close a transaction
Monday, February 28th
Your Account Executives and Operational Staff are available for any questions you may have as we work toward an exit with the same dedication that has earned your business for 30 years.
We thank you for your support, and it has been our pleasure serving you.