Monday, May 21, 2007

Mortgage Tree Lending, Bye, Bye!

Since WJ Bradley Company could not work an acquisition deal, Mortgage Tree Lending has been chopped down.

Thursday, May 17, 2007

Columbia Home Loans, LLC is officially gone.

OceanFirst Financial Corp. said it decided to close down its mortgage banking subsidiary as the unit incurred significant operating losses in the last two quarters from subprime mortgage loan originations.
The bank holding company estimates $900,000 in employee severance and lease cancellation charges related to the closure of the unit, Columbia Home Loans LLC, it said in a filing with the U.S. Securities and Exchange Commission.
"The discontinuation of Columbia's operation is expected to be completed within six months," the filing said.
On April 25, OceanFirst had said it was in talks with an interested party on the sale of Columbia Homes and that it would shut down the unit if the talks failed.

Sunday, May 6, 2007

Texas Wholesaler Shuts Down!

First Consolidated Mortgage Co. is closing down, a spokeswoman confirmed Thursday. A month ago, the wholesaler told its brokers it would stop accepting subprime business. First Consolidated reportedly started business in Texas during 1994. Unfortunately they are another victim of the subprime meltdown.

Friday, May 4, 2007

Homeland Capital Group Goes Kaput!

Just in..............................

Effective immediately, we will no longer accept Wholesale submissions for approval. It has truly become impossible for us to compete in the current environment with the consistency that we, as well as our brokers, are accustom to and deserve.
Therefore, we will accept any legitimate prior approvals in the form of final packages between now and the 15th of May. Those, and any current files pending, must have stips cleared and close by the 22nd of May.
Bob Garrison Executive Vice President First Greensboro Home Equity, Inc.

New Century Is Finally Gone For Good!

I just received this email from a former AE from New Century.

Some of you may or may not have heard the news yet. Unfortunately as much as this is a shock to myself and everyone at our company its a sad reality of the state of the sub prime industry today. The abridged article is below.

Subprime mortgage lender New Century Financial Corp., failed to receive any bidsfor its mortgage loan origination business, forcing it to shut down the unit and lay off around 2,000 employees.

The company, which has been preparing to sell off its assets underChapter 11 bankruptcy protection since last month, notified employees during aconference call that they would be laid off effective Friday.

New Century President and Chief Executive Brad A. Morricesaid despite a number of potential buyers for its wholesale and consumer-directoperations, "none of those potential deals have come to pass."

I have been planning on a worse case scenario for some time. As many of you know, I was one of the top Account Executives for New Century so I have had many recruiters and managers interested in bringing me over to work for their perspective company. Although at this time I am finalizing negotiations with a few select companies I have chosen, I have yet to reach a decision as to what company will best suit myself and all of you, my valued clients and friends. I expect that given the recent turn of events my decision will soon be hastened and I will finalize something in the short term.

Some of you may or may not have relationships with these existing lenders. If you do have an existing relationship with the particular lender I go to, it will be up to you to decide who you think will best be able to service your needs. I will be having those conversations with you one on one once my decision and negotiations have been reached with the perspective company.

Effective at the end of today, this email will be shut down and I will only be reachable via cell phone or the alternate email below.

The subprime fallout continues.....................

Thursday, May 3, 2007

Dana Capital is Closed For Good!

There has been rumors that Dana Capital was going under. This was confirmed as of Monday.

I personally went in to their office today to pick up a check for a file they´ve been holding funds on since mid Jan. The following text was posted on their door. I´ll be able to get the picture off my cell phone later and post a link:
"Dana Capital has chosen to wind down its activities through dissolution under State Law. Dana Capital will not be filing a bankruptcy -- but rather will orderly liquidate its assets. You should receive notice of such and a status report within the next couple of weeks via email."
Posted on the door of 8002 Irvine Center Drive, Ste. 1200, Irvine, CA the headquarters of Dana Capital Group at least as of 4/30/07.

Nation One Mortgage Shuts Down

Hot off the press..................

Dear Broker;

Effective immediately, Nation One Mortgage Company, Inc. is ceasing the origination of all mortgage loans. No new loan submissions are being accepted at this time. If you have received this message, our records indicate that you do not have any loans that are currently in an approved and locked status. We have appreciated the opportunity to serve you and your customers. Call 1-800-624-6662 to confirm.

Wednesday, May 2, 2007

First Consolidated Exits Subprime Biz

The fallout continues. Just in....

First Consolidated Mortgage is no longer closing or accepting submissions for wholesale subprime loans.

Crevecor Goes Under

Just in.....

Crevecor mortgage is gone but a rumor has started that the company is renaming itself Heartland Funding/Mortgage. Keep you posted.