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RIP: Mortgage Closings

Sat, 03/03/2007 - 05:29 — keith

Here is a listing of Mortgage operations that have closed operations recently:

Acoustic- the quiet bank. Tied in, I believe, with Metrocities Mortgage, who also own/operate No Red Tape and Zero Down.

Central Pacific Mortgage/Ivanhoe. They sold some assets to The Mortgage Store Financial, closed others. I guess being the president of the MBA takes a lot out of you.

DeepGreen Financial, one in a series of wholesale second providers that went belly up- including the wholesale operations of Secured Funding and 123Loan.

Harbourton Mortgage no sooner do they implement Portellus' decisioning technology, and poof, of business (I AM KIDDING about Portellus being connected to their closing). I heard it was large buy backs- but then that is what I have heard with everyone that has been shut down.

Coastal Capital closed down their NJ based subprime business and scaled back significantly.

Funding America closed recently. They were a relatively new shop, headed by some former Aegis people.

Ownit Mortgage I'll put words in Bill Dallas' mouth: Screw Merrill Lynch! No, Bill, they screwed you!

ResMAE Mortgage $308MM in buybacks?! Are you kidding me!

Millenium Mortgage Not to be confused with Millenia Mortgage.

Source: MortgageIndustryTrends.net

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Keith Gregory is the administrator for American Mortgage News. At this stage, most content posted here is in the form of a press release. As such, there is no implied warrently over the contents of an article, or any statement or endorsement of any kind whatsoever.