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National City Home Equity also ceases loan apps...

In the wake of all the mortgage gloom and doom, National City has also ceased to accept new loan applications. This latest news adds to a list of major players out of the business. OwnIt Mortgage, Fremont General Corporation, Ameriquest, H&R Block Mortgage, SouthStar Funding, Flick Mortgage/Mortgage Simple, American Home Mortgage / American Brokers Conduit, and Aegis, just to name a few. For more, please check out www.lenderimplode.com to see the latest news on who has closed their doors to mortgage lending.

"SAN FRANCISCO (MarketWatch) -- National City Corp. (NCC : National City Corporation News , chart , profile , more 28.93, +0.49, +1.7%) said on Monday that its National City Home Equity unit has suspended approvals of addition loans or lines of credit in response to market conditions. "This is one of a number of steps National City has taken in recent weeks to help ensure that originations are in line with existing and anticipated market conditions," the bank said in a statement that was e-mailed to MarketWatch. "We are continuing to closely monitor the market and take the appropriate steps to best navigate market conditions."

On the bright side, we at Olympic Mortgage are still going strong with increased sales and revenues over last quarter. We have always had in-house processing and underwriting. As of this week, we are now able to fund our loans in our own name! This represents a strong financial background and continued quality of service. While others are bowing out of the market, we are remaining to be one of the strongest players in the mortgage industry.

Please contact me if you have any loan scenarios or questions about financing. I am always glad to help someone in need of a purchase or refinance!

Tony D. Howell
Mortgage Consultant
Olympic Mortgage Consultants, Inc.
910-264-7802
www.TonyDHowell.com

Posted by Tony D. Howell on 08/08/2007 10:19 AM

Comments (12)

tony d howell, olympic mortgage, wilmington, nc, rates in nc, mortgage rates in wilmington nc, excellence

This post has been included in North Carolina Information

12 Comments on National City Home Equity also ceases loan apps...

AUG

2007

Tony - National City hasn't stopped lending, they've stopped accepting new loans for just their Home equity division. The part of them that does HELOCs and seconds. And they suspended only those originated by Brokers. They are still doing them internally.

Thanks for the clarification Mike. Sorry for any confusion folks!

No worries. In the meantime I have talked to my NCM rep. They are still going strong. I worked for NCM for years so I knew the difference between NCM and the Home Equity Division.

Thanks for correcting this.

HI Tony,

I just spoke with my AE and he feels that NCM is still very strong. They are being proactive rather than reactive! I saw that you updated the post via a comment, but perhaps the post itself should be updated. Just a thought. Have a terrific day with much success...

Sarah -

I've always wondered - are you related to Dick Eubanks? He was my manager at NCM and what a great guy.

nat city will go on forever, if they want to.

you may not like this but you need to be more careful before you send out a headline like that.

are you really that anxious to spread what you thought was bad news?

Sarah, *poof* it has been upated!

Jay, its just a little marketing. The headline got you to click on it didn't it? LOL

i like my marketing to be truthful. the lack of accuracy is part of what is a huge problem today. but it's your credibility.

Jay it IS accurate and truthful, what are you talking about?

JUL

2008

I had the same exact situation many people have faced with National City on the frozen home equity line with the same explanation that values of homes in my zip code had dropped significantly.

In addition, I always had a ten-day "grace period" in which to submit my HELOC payment. I just submitted one in July late but still within the grace period and received a letter that said my account privileges were terminated and my loan was revoked. I spoke with "Michelle" at the Default Mangement office and received the worst treatment I've ever received from any customer service rep in any business.

I asked if my long-term relationship with NCM or my good payment history or excellent credit meant anything to them. She said that was all "irrelevant."

Now I see at the Mortgage Lender "Implode-O-Meter" site
(http://ml-implode.com/imploded/lender_NationalCityCorp.(Wholesale)_2007-12-31.html)
that National City is going belly up...

So that explains why they're trying to drive all their customers way and call in their notes...National City is no more.

No wonder Michelle had such a bad attitude.

Word on the street is that there's a class-action suit in the works.

OCT

2008

Does anyone know what they are doing with the new home loans? Mine is STILL "in underwriting" for over a week now. The woman at National City just keeps saying " they have a question for the appraiser". Wondering if I should take my mortgage elsewhere considering we have 25 days until closing.

OCT

2008

That seems to happening a LOT! Underwriters it seems are almost trying to turn down new home loans based on appraisals. I wouldn't worry with 25 days left. If you had, say...15 days left, then I'd pull it and go somewhere else. Also let your loan officer know that you are ready to pull the plug on them. That will certainly get them on the phone and make something happen!!!

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