Northpointe Projects Up to $55 Million in Annualized Savings From Mortgage Channel Exit

Northpointe Bancshares expects a proposed transfer of its retail and consumer-direct mortgage teams to save $50 million to $55 million annually, as the bank shifts its attention to three other business areas. The savings estimate is annualized: it expresses the projected savings at a yearly rate, not costs the company has already eliminated. Most of the reduction is expected to come from commissions, salaries and benefits. Other expected savings include occupancy, technology, professional fees, marketing and additional expenses. On Oct.

Source: TokenPost