Lenders, particularly subprime ones, are closing up shop in droves these days.  Here are a few:

  • E-loan announced it will close their sub prime wholesale division
  • ResMAE listed for sale
  • Wachovia Corp.'s consolidation of its wholesale operations will result in layoffs
  • Fieldstone announced that it's closing 5 west coast branches including its Arizona operations.
  • Mortgage Lender Network (MLN) "stopped funding residential loans" on 12/29 (they didn't actually say they were closing).
  • HMIC closed its doors on Dec 20. As part of a $100 million cost reduction strategy, Sovereign Bancorp exited the wholesale mortgage market.
  • Own it Mortgage - closed its doors
  • Sebring Mortgage closed its doors
  • Axis Mortgage closed its doors
  • Oak Street Mortgage closed its doors
  • Right Away Mortgage closed its doors
  • Secured Funding closed its doors
  • Loans 123 - Not taking any more business
  • Aegis Funding (sub-prime) closed its doors (Aegis Wholesale (Conforming and Alt-A) and Home Equity are still open)
  • Option One - Up for Sale
  • Meritage Sold to Lime Financial
  • Mandalay - Closed it Doors yesterday
  • Southstar - AE's leaving (a good source stating company cannot meet payroll obligations)
  • Accredited - OC Regional office production at its lowest levels, rumors they may close by 1st qtr.
  • Countrywide - Multiple layoffs
  • Washington Mutual - Continued layoffs
  • Saxon - Layoffs
  • RFC - Layoffs
  • Decision One closed 6 regional centers.
  • Argent consolidated and let 1,000 people go.Currently for Sale Ameriquest laid off 3,800 and shut 229 retail branches after announcing a $325 million settlement with state's attorneys general for overcharging borrowers.
  • Bank of American Mortgage laid off 225 locally.
  • Fieldstone Mortgage closed their Las Vegas branch.
  • Acoustic Home Loans closed its doors due to a sudden increase in repurchases.
  • WAMU exited their correspondent business, and are laying off again.
  • LoanCity just closed 7 offices nationwide.
 

5 Comments on Another one bites the dust...

FEB
15
2007
168,894 Points Outside Blog

I wrote a blog about the recent trend of lender closings. Its just going to get worse.

Eddy

3:53pm • #1
167,315 Points 12 Featured Posts Outside Blog

I am sure in the upcoming days you will be able to several more lenders....

4:52pm • #2
168,890 Points 2 Featured Posts Outside Blog
Bad decisions on the qualifications of the borrowers sure didn't help any of these companies
6:36pm • #3
FEB
16
2007
167,315 Points 12 Featured Posts Outside Blog
That might be true James but it also takes two to tango!.. bad loan officers along with bad realtors most likely did not help the situation either
1:25pm • #4
APR
13
2007
Add Southstar to the list of defunct lenders now...
10:11am • #5

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Jeff Tompkins

Denver, CO

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Advisor Commercial Realty/FirsTier Bank Mortgage

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