No more Capital One mortgages.

The Virginia-based bank announced an abrupt closure of its mortgage and home equity origination business this week, citing that the sector was too competitive for the bank to turn a profit.

Capital One first acquired its mortgage division in 2009. The bank will continue to serve existing home loans, according to its President, Sanjiv Yajnik, who announced the bank’s decision to leave the sector in an email on Tuesday.

Yajnik writes:

We have also taken a look at the go-forward structure of the Financial Services Division, weighting it against our future needs and expectations. In doing this, we’ve had to make some tough decisions that will impact a number of our Associates. Although some Associates will be asked to take on new work or report to a new manager, many roles will be eliminated. Associates who will no longer have roles were notified earlier today, and we are providing a variety of resources to support them through the process.

Many of these job cuts will come from Plano, Texas, where Capital One will be cutting 750 jobs surrounding the home loan business. An additional 155 employees will be let go from other centers in St. Cloud, Minn., and Melville, NY.

Read more at Dallas News and HousingWire.