Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (CMG Financial)

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Rainmaker
687,245
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Wow, they're saying 'nothing to see here, business as usual' . . . hopefully you'll be able to help some folks!

Jul 09, 2019 02:05 PM
Rainmaker
1,218,737
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

That is interesting.  I had not heard of this, nor did I have any deals with them, thank God!  Interesting that it's Blackrock that's a majority shareholder, they're a huge rental investment company.

Jul 09, 2019 06:18 PM
Rainmaker
659,756
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Stearns is not closing down...they are re-structuring their finances through bankruptcy.

From the article to which you linked:

In a release, Stearns said that during the bankruptcy proceedings and restructuring the company is “operating as normal and its approximately 2,700 employees are focused on providing customers the high-quality service they expect from the company.”

Of course, time will tell.

Jul 09, 2019 05:38 PM
Rainmaker
1,515,766
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Interesting that people are backing away from lending. Just read about Deutsche Bank the other day.

Jul 09, 2019 04:06 PM
Rainmaker
3,266,454
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Your question introduced me to the name. Hopefully your offer of assistance will calm impacted borrowers' fears.

Jul 09, 2019 02:28 PM
Ambassador
3,226,471
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I had heard they were restructuring.

The article you linked says it's business as usual though - Blackstone will be providing the backing - lending will not be impacted.

Jul 09, 2019 08:39 PM
Rainmaker
1,577,297
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

I've never even heard of them Caroline Gerardo , not as a Realtor of as a professional closer.

Jul 09, 2019 06:58 PM
Rainmaker
1,487,313
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Can you do Florida too?

Jul 09, 2019 06:25 PM
Rainmaker
2,771,844
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Oh Boy!!!  I do not.  Thank you Caroline Gerardo for letting us know and for offering to help.  

Jul 09, 2019 05:48 PM
Rainmaker
5,303,735
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for your offer.

Jul 09, 2019 05:07 PM
Rainmaker
4,350,946
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Caroline,

How nice of you to step up to the plate and help out.  A

Jul 09, 2019 02:14 PM
Rainmaker
2,929,988
Richard Weeks
Dallas, TX
REALTOR®, Broker

Never used them.

Jul 10, 2019 03:32 AM
Ambassador
4,103,883
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I wonder what the real reason is.

Jul 09, 2019 08:27 PM
Rainmaker
2,434,058
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Way to go dynamo....

Jul 09, 2019 03:47 PM
Rainmaker
470,008
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Loan Officer, CMPS, CDLP, RCS-D, CDPE, CMHS

Not sure they can cite "rising interest rates" as the accurate reason for filing Chapter 11, but as we know, there are plenty of other challenges threatening the profitability & sustainability of mortgage companies nowadays.  

Jul 10, 2019 02:23 PM
Rainmaker
1,039,495
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Did not know, thank you for the information.

Jul 10, 2019 02:19 PM
Rainer
412,339
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I was not aware of this but I truly hope you can help these trusted clients out of their predicament.

Jul 10, 2019 08:37 AM
Rainmaker
915,832
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Never heard of them.

Jul 09, 2019 06:16 PM
Rainmaker
397,956
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Sounds like anyone having something going there will be fine - based on what I've been able to find out. And I will find out for sure as I do know a local mortgage company that is backed by Stearns and they are doing loans for agents and clients out of our office.

Jul 11, 2019 07:05 AM
Rainmaker
698,735
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Interesting. There is one branch near my office. I had a friend working there as a senior exec, and she was desperately seeking employment elsewhere a little while ago, and she did. I guess the writing was on the wall.

Jul 10, 2019 06:45 AM
Rainmaker
993,262
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

The local manager announced she will start a brokerage not long ago. Their rates were not that attractive.

Jul 10, 2019 07:43 AM
Ambassador
1,621,742
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Never heard of them.

Jul 10, 2019 07:05 AM
Rainmaker
1,528,157
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Troubling news to hear of any lender hitting the skids

Jul 10, 2019 06:38 AM
Rainmaker
749,557
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I've closed many deals with Blackrock as the buyer.

Be aware, mortgage interest rates have no relationship to the FED Rate that effects the cost of financial institutions swapping dollars.

Hmmm, what does Blackrock want Sterns to be in the future? There  is LOTS of money in payday loans. 

Jul 10, 2019 05:55 AM
Rainmaker
2,956,844
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I never used them, I wonder how bad things had to be there to close in such a great market?

Jul 10, 2019 05:47 AM
Rainmaker
4,903,556
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

good head's up AND solution to a potential problem.... 

Jul 10, 2019 04:58 AM
Rainmaker
3,196,675
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Had not heard. Thanks for the heads-up!

Jul 10, 2019 04:43 AM
Rainmaker
3,009,660
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I don't think I've ever come across Stearns Lending in 25+ years... given the situation, I would say that's a good thing. Interest rates going up? In what universe? 

Jul 10, 2019 04:26 AM
Rainmaker
3,097,015
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Interests rates are down.

Jul 12, 2019 12:02 PM