A number of redundancies will be made as a result of the decision.
Cornell, who writes a weekly market watch column for Mortgage Strategy, was unavailable to comment.
A statement from the company says: “Following a strategic review of the Hamptons International mortgage division, a decision has been made to close the business.
“This follows a comprehensive review and consultation period.
“As part of the review process, a number of options were carefully considered.
“The decision to close the division reflects current market conditions and long-term business plans for the company.”
The estate agency has already spoken to a number of brokerages about setting up an referral agreement so it can still pass on leads and is thought to be close to agreeing terms with a preferred partner. The brokerage will continue to operate as normal until then.
Mortgage Strategy exclusively revealed at the start of the year that staff at the firm had been placed on consultation.