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Welcome to Carolina Bank Wholesale Mortgage...
  

Dear Valued Business Partners:

As you know, Carolina Bank announced in June 2016 that it is being acquired by First Bank, a community bank based in Southern Pines, NC. Since the merger was announced, we all have been looking forward to the opportunities this merger will bring. On February 17th, the FederalReserve granted regulatory approval for the merger, and we are looking forward to closing the transaction soon.

We have learned through this process that this type of transaction can bring unexpected change. It is with very heavy hearts we write today to inform you that the Wholesale Division will not be included as part of the merger with First Bank despite both parties' efforts to maintain this channel of the mortgage division. Both First Bank and Carolina Bank have been disappointed by this news, and Carolina Bank in particular is greatly saddened at the prospect of losing the wonderful relationships we have developed over the years working with all of our customers. We want to thank each of you personally for every loan and for every opportunity you have given Carolina Bank to earn your business over the years.

Below are important dates regarding loans in process and the timeline for our Correspondent and Wholesale partners going forward:

  • March 3rd 2017 Last day to lock new loans (REMINDER- if you have a lock, you have an application. No applications with dates after March 3rd will be accepted.)
  • March 18th 2017 - Last day to submit files for underwriting
  • May 2nd 2017 - Last day for all loans to be closed and disbursed (or purchased for correspondent loans) - this includes all legacy loans in the pipeline (CP, USDA etc.)
  • Each loan may have 1 up to 15 day extension or relock
  • Extended locks and renegotiations will not be available effective immediately
  • Re-certifications that come due during this time period, will be auto extended to allow loans to close within the above referenced time frames and no re-certification process must be completed.

Please feel free to reach out to Patti Robinette with questions and to any of our team to help you with the transition process.

Sincerely,

Carolina Bank Mortgage Team