Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Alliance Bankshares Corp. says it is closing its mortgage banking subsidiary, Alliance Home Funding LLC, which employed 43. Chantilly, Va.-based Alliance Bankshares will bring 10 Alliance Home Funding employees into an in-house mortgage banking division, which will offer home loans in the Washington, D.C., metro area, the company said. Closing Alliance Home Funding will put an after-tax dent in the bank's fourth-quarter earnings of between $350,000 and $450,000, including employee severance pay, systems charges and subleasing costs. Alliance Bankshares President and Chief Executive Officer Thomas A. Young Jr. said the mortgage-lending subsidiary, created in 2001, has not met profit expectations in recent years. A series of steps taken this year to improve results "have not yielded ...