Heartwell Mortgage, the longtime lender based in Grand Rapids, says it will close its retail and wholesale operations as of this Friday.
In a statement issued this afternoon, Heartwell president David Bird said, "This was an extremely difficult decision, but necessary due to the current housing environment and the increasing difficulty for a mid-sized company like us to compete."
The company says it will continue to manage its mortgage portfolio, but it will stop originating and closing new mortgage loans as of this Friday.
Heartwell Mortgage was founded in 1970 and has offices in six states.
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