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Howard Bancorp to Shutter Mortgage Lending Business

Howard Bancorp., the parent company of Maryland’s Howard Bank, announced plans to close down its mortgage lending operations.

Howard said in an earnings announcement that it reached a deal late last year “to release certain mortgage division management members from their employment contracts and allow those individuals to create a Limited Liability Company …for the purpose [of] moving Howard Bank’s mortgage employees elsewhere.”

The company originated $360 million in mortgage loans in 2019, according to an earnings call transcript. Howard’s chair and CEO, Mary Ann Scully, said during the call, “The mortgage transition is something that we’ve been signaling for some period of time.”

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