As part of its initiative to serve an even wider audience of clients nationwide, on Wednesday, TIAA Bank announced [1] the strategic realignment of its residential home lending business. The bank aims to transition out of the retail branch home lending business to concentrate on originating home mortgage loans directly, particularly through its existing digital capabilities that provide an exceptional client experience.
TIAA Bank [2]has reached an agreement with US Bank [3]allowing it to extend offers of employment to a number of experienced TIAA Bank staff and assume certain leases on TIAA Bank’s retail home lending offices in key markets across the United States. As it shifts its focus on serving clients using its existing retail-direct and correspondent lending businesses, TIAA Bank stated that it will exit the remainder of its retail branch home lending offices.
“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,” said Blake Wilson, Chairman and CEO at TIAA Bank. Wilson pointed out that today’s borrowers 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,” he added.
As the banking unit of TIAA, a provider of financial services to the not-for-profit sector, TIAA Bank also serves nearly five million TIAA participants and their families, and more than 15,000 non-profit institutions.
Even as it gears for repositioning its strategies, the bank’s loan officers will continue to provide individual services to its clients with pending home mortgage loans or applications in process. TIAA Bank assured that clients with home mortgage loans serviced by the bank will not be impacted by the changes.