Money Store Inc. is denying rumors that it plans to discontinue two of
Late last week word spread among analysts, investors and other home
But chief executive Marc Turtletaub said the reports "aren't at all
Money Store will make its correspondent lending division "a little
"We are tweaking our correspondent business, not exiting it," he said.
Mr. Tur-tletaub said fewer than five employees that were in the
Instead, the company expects to increase its overall head count in 1998,
The wholesale division does about a third of Money Store's origination,
The company does not disclose how much of the division's orginations are
Money Store originated $1.7 billion of loans in the third quarter.
Cutting down on correspondent originations has been a popular strategy
Aames Financial Corp. of Los Angeles announced nine months ago that it
"Retail lending is just a better cash business," Ms. Scutti said. "Loans
The move to retail and broker originations may leave correspondents with
She added that the move would ultimately bring correspondent pricing