NationsBanc Mortgage Corp. has bowed out of the New York State mortgage market less than a year after entering it.
On Sept. 30, the mortgage arm of NationsBank Corp. closed the three origination offices - in Rochester, Albany, and Buffalo - that it opened earlier this year.
"We are accustomed to exceeding productivity standards. These offices did not meet our standards," a NationsBank spokeswoman said.
The closings appear to dampen NationsBanc's Northeast expansion plans. The company, which announced a year ago it would enter New Jersey as well, now has no plans to do so, the spokeswoman said.
She said, however, that NationsBanc Mortgage is not completely exiting New York. It will continue to originate loans in the state via a toll-free number and will retain its servicing center in Buffalo.
As of midyear NationsBanc Mortgage was the fifth-largest mortgage servicer, with a $119.5 billion portfolio. It originated $6.7 billion in the first half of 1997.