Valued Broker,
As you are aware, the non-prime mortgage industry is facing a severe liquidity crisis that's affected even the largest players in our space. Currently, the secondary market for loans has shut down for all but conforming loans and the price for non-prime and Alt-A loans is well below par. Regrettably, there is universal agreement that the market will remain irrational for the foreseeable future.
At Accredited, we've worked hard over these past few months to continue to fund loans. Unfortunately, the market head-winds have become too strong - so we are consolidating six of our loan fulfillment centers, while retaining five centers to cover all time zones in the U.S. These changes will cut the overall staff by more than half. Our goal is to come out of this storm and deliver what you've come to expect from us: superior service and a broad menu of products for qualified borrowers.
Here's what this means to you:
- Effective August 22, 2007, we will no longer be accepting new loan submissions for approval.
- We will honor all outstanding funding commitments, and expect that the last funding commitments will expire in early September.
If you have any questions, please contact the division office that has processed your business in the past. For now, offices remain open with a core support team on hand to provide assistance.
Thank you for your support during these turbulent times. We will keep you updated on events here at Accredited and genuinely hope that we can do business together again in the not-too-distant future.
American Mortgage Werks continues to use sources of funds that are stable
and have a history of solid performance. We are staying in tune with
the market, and can provide a safe haven for those borrowers affected by
recent company closures. Please call me if you would like more
information on where this whole thing is headed, or if you have a
customer orphaned by the recent company closures.
Kris Krajecki
630-347-6321
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