A Message to Our Wholesale Partners


    The challenges of today’s market are unlike any we have seen in the past. GB Mortgage has continually made adjustments to our policies and strategies over the past two years in an effort to remain a strong loan provider to you, our broker partners. Today, April 30, 2009, we are announcing that Guaranty Bank, parent company of GB Mortgage has decided to withdraw from wholesale mortgage lending.

    This decision has been an extremely difficult one, but we feel it is the most prudent course of action at this point in time. As a result, we will, effective immediately, no longer accept new loan applications from brokers. Important dates you should be aware of regarding this change are listed below. Please review this information thoroughly for any impact on you and your customers.

• All loans currently locked will be honored.
• Any loan currently in a status of “approved with conditions” must be in a status of “clear to close” no later than Friday, May 8, 2009.
• For loans in “clear to close” status, only 15-day locks will be available and loans must be locked by Friday, May 8, 2009.
• No lock extensions will be granted.
• Any loan not yet in a status of “approved with conditions” will be withdrawn.
• No underwriting exceptions will be granted under any circumstance.

    Real estate lending remains important to us. Guaranty bank will continue to originate loans through its retail channel, which remains unaffected by this change. Thank you for your business and support over the years. Even though we will no longer be partnering with you in the wholesale channel, we wish you continued success in the future.