!!!!Alterna Mortgage HAULTS FUNDING... Yes, you have read that correctly... I am just reaching out to share some important news about the abrupt ending of Alterna Mortgage late last week. If you do not already know - every Alterna employee was given our notice of dismissal and that funding was being immediately halted on Wednesday afternoon last week. This came just 2 days after an extensive product meeting to address the market shift and major operational changes that would assist as well. Unfortunately the partners of the firm were not able to weather the level of buybacks that were being called due to the massive guideline changes now dictated by the secondary investors and had to immediately close the doors... leaving myself and several other AE's with no options and a full pipeline of approved loans. That said... please know that I am still actively working my pipeline today and placing several loans that were cleared to close with Alterna last week. Immediately following the news that Alterna was closing, I made arrangements with another Alt A Lender based in NJ to take the files I had in process and assist me in closing what we can while trying to place others elsewhere. This was truly the best option I could work out in order to address what had been dropped in my lap. - ~sw
That was an email I got first thing this morning from our rep, hadn't heard from him in two weeks.
This isn't a shocker since I had emailed the rep last week on a scenario and never heard back, which is very unlike him. This is from the same rep who also had emailed me with the blog I posted http://activerain.com/blogsview/42721/Going-Out-of-Businessthat created much controversy with a firm who just went of business last week.
Some may ask, 
who's next? I say, who is left? Let the strong survive...and thrive.
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