The Mortgage Lender Implode Meter
* 2007-09-10: Former First Magnus Employees Not Receiving Final Wages - One ex-employee sounds off on the shenanigans of First Magnus, replete with employees not being paid and not receiving Cobra. A...
* 2007-09-10: Moody's Warns Housing Slump Will Persist - "Moody's Warns Housing Slump to Persist Through 2009, Sees Further Homebuilder Downgrades "
* 2007-09-10: NAR Admits to Initiating Bush's Mortgage Bailout Plan - "If you thought that there was nothing else that the NAR could do to discredit themselves further, you were wrong. In a recent p...
* 2007-09-10: Suit over warning of layoffs rejected - "Ex-employees of Halfmoon firm lose case brought against company's banker"
* 2007-09-10: Washington Mutual Sees Housing `Near-Perfect Storm' - "Washington Mutual Inc., the largest U.S. thrift, said that conditions in the housing market are creating a `near-perfect storm'...
* 2007-09-10: IMF to cut growth forecasts on fallout from subprime crisis - "The International Monetary Fund will cut its forecast for world economic growth because of fallout from the subprime mortgage c...
* 2007-09-10: Housing Market Slump Forces Couple To Open Brothel - "The downturn in the housing market appears to have driven two Westchester homeowners to desperate and illegal measures. "
* 2007-09-10: Global Growth Threatened as U.S. Contagion Spreads - "What's different now is the U.S. slump is starting to spread from the domestic housing market to consumers who buy imports from...
* 2007-09-10: Wall Street Credit Costs Surge on Widening Spread to U.S. Rates - "Contagion from the highest delinquency rate on U.S. mortgages in five years is paralyzing some of Wall Street's most lucrative ...
* 2007-09-10: Countrywide Job Cuts May Lead to 20% Contraction in Industry - "The worst U.S. housing slump in 16 years may lead mortgage companies to eliminate almost 100,000 jobs, more than double the num...
* 2007-09-09: First Magnus heard assurances near collapse - "Employees of a major mortgage lender were told the company was on solid ground even as executives scrambled unsuccessfully to s...
* 2007-09-09: New York, California Metro Home Prices May Fall as Rates Climb - "From buyers who can't afford costly loans to homeowners who can't find a buyer, the mortgage market is a mess. Home-loan defaul...
* 2007-09-09: Sun is setting on Spanish property boom - "Many British owners of Spanish homes are now facing major losses with some experts claiming the property market is overvalued b...
* 2007-09-09: CDO Losses Can't Be Quantified, France Regulator Says - "London-based analysts at Dresdner Kleinwort are predicting a ``sharp rise'' in CDO downgrades by year end, as losses mount on s...
* 2007-09-09: Too Big to be Bailed Out - "... any comprehensive government bailout would easily surpass the $1 trillion mark. Where will the Federal government get the m...
* 2007-09-09: Fed President Plosser: Don't Count on the "Fed Put" - "... it is not appropriate for the Fed to ensure against financial volatility per se.... individuals and firms [have] the freedo...
* 2007-09-09: Paulson’s Subprime Bets Reap 410 Percent Return — So Far - "A hedge fund run by $20 billion firm Paulson & Co. has surged 410% so far this year as subprime bets paid off. "
* 2007-09-09: Banks face 10-day debt timebomb - "Britain's biggest banks could be forced to cough up as much as £70bn over the next 10 days, as the credit crisis that has seize...
(past news)
Quote of the Week:
The US Congress is orchestrating a show trial of "predatory lenders". The blame-game was ever thus. Wall Street bankers were hounded after the 1929 crash: some went to prison. But if you track down the root cause of this credit bubble - now popped - the "blame" lies with Asian, European and Anglo Saxon central banks.
They created this mess, if that is what we now face. It was they - in effect governments - who intervened in countless complex ways to push down the price of global credit to levels that warped behaviour, as the Bank for International Settlements (BIS) has repeatedly noted. By setting the price of money too low, they encouraged debt and punished savings.
—Abrose Evans-Pritchard, in the UK Telegraph, August 21st, 2007.
*******
"Imploded" Lenders:
151. BrokerSource (BSM Financial - Wholesale)
150. All Fund Mortgage
149. LownHome Financial
148. Sea Breeze Financial Services
147. Castle Point Mortgage
146. Premium Funding Corp
145. Group One Lending
144. Allstate Home Loans / Allstate Funding
143. Home Loan Specialists (HLS)
142. Transnational Finance Wholesale
141. CIT Home Lending
140. Capital Six Funding
139. Mortgage Investors Group (MIG) - Wholesale
138. Amstar Mortgage Corp
137. Quality Home Loans
136. BNC Mortgage (Lehman)
135. Accredited Home Lenders
134. First National Bank of Arizona (FNBA) Wholesale, Correspondent
133. Chevy Chase Bank Correspondent
132. GreenPoint Mortgage - Capital One Wholesale
131. NovaStar (Wholesale), Homeview Lending
130. Quick Loan Funding
129. National City Home Equity
128. Calusa Investments
127. Mercantile Mortgage
126. First Magnus
125. First Indiana Wholesale
124. GEM Loans / Pacific American Mortgage (PAMCO)
123. Spectrum Financial Group - Wholesale
122. Kirkwood Financial Corporation
121. Lexington Lending
120. Express Capital Lending
119. Deutsche Bank Correspondent Lending Group (CLG)
118. MLSG
117. Trump Mortgage
116. HomeBanc Mortgage Corporation
115. Mylor Financial
114. Aegis
113. Alternative Financing Corp (AFC) Wholesale
112. Winstar Mortgage
111. American Home Mortgage / American Brokers Conduit
110. Optima Funding
109. Equity Funding Group
108. Sunset Mortgage
107. Fieldstone Mortgage Company
106. Nations Home Lending
105. Wells Fargo Alternative Lending Wholesale
104. Entrust Mortgage
103. Alera Financial (Wholesale)
102. Flick Mortgage/Mortgage Simple
101. Alliance Bancorp
100. Choice Capital Funding
99. Premier Mortgage Funding
98. Stone Creek Funding
97. FlexPoint Funding (Wholesale & Retail)
96. Starpointe Mortgage
95. Unlimited Loan Resources (ULR)
94. Freestand Financial
93. Steward Financial
92. Wells Fargo (Correspondent)
91. Bridge Capital Corporation
90. Altivus Financial
89. ACT Mortgage
88. Alliance Mortgage Banking Corp (AMBC)
87. Concord Mortgage Wholesale
86. Heartwell Mortgage
85. Oak Street Mortgage
84. The Mortgage Warehouse
83. First Street Financial
82. Right-Away Mortgage
81. Heritage Plaza Mortgage
80. Horizon Bank Wholesale Lending Group
79. Lancaster Mortgage Bank (LMB)
78. Bryco (Wholesale)
77. No Red Tape Mortgage
76. The Lending Group (TLG)
75. Pro 30 Funding
74. NetBank Funding
73. Columbia Home Loans, LLC
72. Mortgage Tree Lending
71. Homeland Capital Group
70. Nation One Mortgage
69. Dana Capital Group
68. Millenium Funding Group
67. MILA
66. Home Equity of America
65. Opteum (Wholesale, Conduit)
64. Innovative Mortgage Capital
63. Home Capital, Inc.
62. Home 123 Mortgage
61. Homefield Financial
60. First Horizon (Subprime)
59. Platinum Capital Group (Wholesale)
58. First Source Funding Group (FSFG)
57. Alterna Mortgage
56. Solutions Funding
55. People's Mortgage
54. LowerMyPayment.com
53. Zone Funding
52. First Consolidated (Subprime Wholesale)
51. EquiFirst
50. SouthStar Funding
49. Warehouse USA
48. H&R Block Mortgage
47. Madison Equity Loans
46. HSBC Mortgage Services (correspondent div.)
45. Sunset Direct Lending
44. Kellner Mortgage Investments
43. LoanCity
42. CoreStar Financial Group
41. Ameriquest, ACC Wholesale
40. Investaid Corp.
39. People's Choice Financial Corp.
38. Master Financial
37. Maribella Mortgage
36. FMF Capital LLC
35. New Century Financial Corp.
34. Wachovia Mortgage (Correspondent div.)
33. Ameritrust Mortgage Company (Subprime Wholesale)
32. Trojan Lending (Wholesale)
31. Fremont General Corporation
30. DomesticBank (Wholesale Lending Division)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ResMAE Mortgage Corporation
24. ECC Capital/Encore Credit
23. Lender's Direct Capital Corporation (wholesale division)
22. Concorde Acceptance
21. DeepGreen Financial
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial
Ailing/Watch List Lenders:
12. Secured Bankers Mortgage Company (SBMC)
11. Impac Lending Group (Wholesale)
10. Mortgage Store Financial
9. Delta Financial Corp
8. Countrywide Financial
7. Meridias Capital
6. Option One
5. Ocwen Loan Servicing
4. Doral Financial Corp.
3. Evergreen Investment/Carnation Bank
2. Coast Financial Holdings, Inc.
1. Residential Capital, LLC*
"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.
Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.
Note: This site changes rapidly. You should always check other sources regarding information found here, and check with the companies themselves if you plan on doing business with them. And as always, please let us know if you have corrections, clarifications, or additions.
"Non-imploded list":
Sponsored by Waquis. So you think the market is all doom and gloom? Not us. There are actually lenders out there that are operating and focused on smart business fundamentals. Listed below are companies that wish to express that they are still operating in good health and soliciting business:
* Select Lenders Assurity Financial Services (Retail) : Our Grade: A- [FHA Lender - 100% commission payout & 10 bps recruiting income stream!]
* Assurity Financial Services (Wholesale) : Our Grade: A- [No FICO limits on FHA! 65% are manually approved! 18bps to AE's.]
* Key Financial Corporation : Our Grade: B+ [Key Financial Corporation is a true affiliate branch mortgage lender that specializing in FHA loans and superior customer service.]
* Megastar Financial Corporation : Our Grade: A+ [Looking for Net Branch, Branch Mgr or VP that wants to transfer business, LO’s or company to stable environment.]
* ...
Want to put your company in this spot? Contact us for pricing ! This section is managed by Waquis Global . Waquis is an off-shore outsourcing company focused on the mortgage lending and banking markets. Our clients are more profitable, efficient, and resilient in a challenging market due to off-shoring in countries like India.
* Charter Lenders Residential Capital Mortgage Income Fund: Our Grade: B/B+ [Residential Capital is a wholesale lender, specializing in a non-FICO-based HELOC for non-prime borrowers. CA only, up to 70% LTV]
Latest imploded:
Last addition: September 9, 2007.
* BrokerSource (BSM Financial - Wholesale)
* All Fund Mortgage
* LownHome Financial
* Sea Breeze Financial Services
* Castle Point Mortgage
Top Non-Imploded:
* Assurity Financial Services (Retail): A- [FHA Lender - 100% commission payout & 10 bps recruiting income stream!]
* Assurity Financial Services (Wholesale): A- [No FICO limits on FHA! 65% are manually approved! 18bps to AE's.]
* Key Financial Corporation: B+ [Key Financial Corporation is a true affiliate branch mortgage lender that specializing in FHA loans and superior customer service.]
* Megastar Financial Corporation: A+ [Looking for Net Branch, Branch Mgr or VP that wants to transfer business, LO’s or company to stable environment.]
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