JPMorgan Chase & Co. said Tuesday that it would shut down what remains of its wholesale mortgage channel on Friday.

"We have decided to focus on loan originations through Chase bank branches, our consumer direct business, and other retail-originated loans," the company told employees in an e-mail, a copy of which was obtained by American Banker. "We are exiting the broker business that originates loans through brokers and, in the correspondent business, will no longer purchase loans originated by brokers." The company said it would continue to buy loans that correspondents originate directly.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.