The official announcement sent to brokers today that Universal Mortgage Corp. of Mequon, WI has ceased wholesale production effective immediately.
During 2008, the company averaged over $124 million per month in volume across both its retail and wholesale channels. Their primary web site indicates the company "operates twenty-five production offices located in eleven states" and has the following:
"Annually, Universal originates and purchases over a billion dollars in mortgage loans. Lending services are marketed directly to consumers through the Retail Lending Division of the company. Universal also operates as a mortgage investor buying loans from mortgage brokers and lenders through the company's Correspondent and Wholesale Lending Divisions. As an investor in mortgage servicing, Universal continues to grow its servicing portfolio each year."