American diversified financial services company TIAA Bank has decided to realign its residential home lending business to serve more clients nationwide.
As per the restructuring plan, TIAA Bank will separate the retail branch home lending business to focus on offering home mortgage loans directly.
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TIAA Bank realignment
Following the realignment, the bank will utilise its existing digital capabilities and its retail direct and correspondent lending channels to continue the mortgage business.
As a part of the process, TIAA Bank will pull out from the remaining retail branch home lending offices.
TIAA Bank chairman and CEO Blake Wilson said: “This repositioning will allow us to serve a wider audience of clients nationwide, including millions of TIAA participants and their families, through our retail direct and correspondent lending channels.
“We understand that borrowers today need fast, convenient and cost-effective solutions. The changes we’re making will enable us to deliver mortgage solutions to even more people, using digital technologies that enable clients to work with us efficiently and easily, anywhere and at any time.”
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By GlobalDataFurthermore, TIAA Bank has signed an agreement with the US Bank to transfer certain leases on its retail home lending offices across key locations. The US Bank has also agreed to employ few TIAA Bank staff.
TIAA Bank loan officers will continue to serve the TIAA Bank clients with pending home mortgage loans.
Clients with home mortgage loans serviced by TIAA Bank will not be affected due to realignment, the lender added.
TIAA Bank operates across all US states and the District of Columbia and offers various residential mortgage products.
