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