HSBC Finance to close US non-prime mortgage business
As part of the continued review of its mortgage lending business, HSBC Finance Corp. has announced that it will close its non-core wholesale lending channel, Decision One Mortgage, which originates non-prime mortgages in the US through brokers.
HSBC Finance will focus on originating and servicing loans through its consumer lending branch network under the HFC and Beneficial brands.
"We are delivering the strategy put in place earlier this year to position HSBC Finance's mortgage business for long-term success," said HSBC Finance's CEO, Brendan McDonagh. "Market requires a strong and flexible business platform, and we will focus on our branch network as the primary point to provide our HSBC Finance customers with loans and mortgages."
Approximately 750 Decision One employees will be affected by the closure of the wholesale non-prime channel.