Posted by Above and Beyond Closings - Alice on 8/16/07 12:27pm
Msg #205942
Please be aware of these companies
Hello Everyone,
Some of you may already have this list. I have decided to post this so that NO ONE gets burned. Please be careful of accepting jobs from any of the companies listed below as they are either already out of business or they will be within 60 days. They have NO intention of paying any of us.
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.
http://64.233.167.104/search?q=cache:4gzsdzoQI4YJ:ml-implode.com/+aegis+shut+down&hl=en&gl=us&strip=1
"Imploded" Lenders:
110. Aegis (Everything)
109. Alternative Financing Corp (AFC) Wholesale
108. Winstar Mortgage
107. American Home Mortgage / American Brokers Conduit
106. Fieldstone Mortgage Company
105. Nations Home Lending
104. Wells Fargo Alternative Lending Wholesale
103. Entrust Mortgage
102. Flick Mortgage/Mortgage Simple
101. Alliance Bancorp
100. Choice Capital Funding
99. Premier Mortgage Funding
98. Stone Creek Funding
97. FlexPoint Funding (Wholesale)
96. Starpointe Mortgage
95. Unlimited Loan Resources (ULR)
94. Freestand Financial
93. Steward Financial
92. Wells Fargo (Correspondent)
91. Altivus Financial
90. ACT Mortgage
89. Alliance Mortgage Banking Corp (AMBC)
88. Concord Mortgage Wholesale
87. Heartwell Mortgage
86. Oak Street Mortgage
85. The Mortgage Warehouse
84. First Street Financial
83. Right-Away Mortgage
82. Heritage Plaza Mortgage
81. Horizon Bank Wholesale Lending Group
80. Lancaster Mortgage Bank (LMB)
79. Bryco (Wholesale)
78. No Red Tape Mortgage
77. The Lending Group (TLG)
76. Pro 30 Funding
75. NetBank Funding
74. Columbia Home Loans, LLC
73. Mortgage Tree Lending
72. Homeland Capital Group
71. Nation One Mortgage
70. Dana Capital Group
69. Millenium Funding Group
68. MILA
67. Home Equity of America
66. Opteum (Wholesale, Conduit)
65. Innovative Mortgage Capital
64. Home Capital, Inc.
63. Home 123 Mortgage
62. Homefield Financial
61. First Horizon Wholesale
60. Platinum Capital Group
59. First Source Funding Group (FSFG)
58. Alterna Mortgage
57. Solutions Funding
56. People's Mortgage
55. LowerMyPayment.com
54. Zone Funding
53. First Consolidated (Subprime Wholesale)
52. EquiFirst
51. SouthStar Funding
50. Warehouse USA
49. H&R Block Mortgage
48. Madison Equity Loans
47. HSBC Mortgage Services (correspondent div.)
46. Sunset Direct Lending
45. Kellner Mortgage Investments
44. LoanCity
43. CoreStar Financial Group
42. Ameriquest
41. Investaid Corp.
40. People's Choice Financial Corp.
39. Master Financial
38. Maribella Mortgage
37. FMF Capital LLC
36. New Century Financial Corp.
35. Wachovia Mortgage (Correspondent div.)
34. Ameritrust Mortgage Company (Subprime Wholesale)
33. Trojan Lending (Wholesale)
32. Fremont General Corporation
31. DomesticBank (Wholesale Lending Division)
30. Franklin Financial (Wholesale Operations)
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
|
Reply by Sharon Taylor on 8/16/07 12:44pm
Msg #205943
Alice, are they still writing mortgages but not paying us?
I'm not clear about this, Alice. Do you mean these companies may still be writing mortgages and using title companies, signing agencies and notaries to get those loan documents signed but are not going to pay any of the title companies, signing agencies and notaries for their work?
I don't understand how those lenders could do that. If they are imploding, are they just finishing loans already in the pipeline with the intention of selling them as quickly as possible to bring in some capital for the lender?
Wouldn't the various entities listed on the HUD have to be paid when the loan is funded? I know signing agencies and notaries are on the bottom of the pile when the funds are disbursed, but certainly a title company would get their money.......and included in the funds paid to the title company is typically the money to pay the signing agency and/or notary.
If the loan is signed, then surely the lender will be funding it as soon as the 3 day RTC expires, right? So the money shown on the HUD to pay everyone has to be there. Our money comes through the title company when they make all the payouts after they get the money from the lender, right?
|
Reply by Sylvia_FL on 8/16/07 1:00pm
Msg #205946
Re: Alice, are they still writing mortgages but not paying us?
Sharon
From what I read several days ago in one of the newspapers, were that loans had been written and they couldn't get the funding. So, if the loan doesn't fund the title company (AFAIK) wouldn't get any money.
|
Reply by Above and Beyond Closings - Alice on 8/16/07 3:11pm
Msg #205972
Re: Alice, are they still writing mortgages but not paying us?
I received this information from the largest underwriter in the Country. It is my understanding that all the steps are still being taken prior to funding but the lender does not have the capability or the resources to do so and the deal dies. Everyone involved prior to the funding is affected - title companies, appraisers, closers, signing agencies, etc. We really need to stick together in order not to be affected. Its bad enough that there are companies who refuse to pay us or belittle what we are worth and expect us to work for pennies.
|
Reply by Susan Fischer on 8/16/07 5:22pm
Msg #206006
This may help to explain a little:
http://www.washingtonpost.com/wp-dyn/content/article/2007/08/15/AR2007081502436.html?wpisrc=newsletter
|
Reply by Brad/AZ on 8/16/07 1:18pm
Msg #205949
There are a lot more on the list now. Someone posted this website in this forum the other day and I've been following it. The most recent is First Magnus...they're the main backer for Great Southwestern Mortgage here in Arizona.
http://ml-implode.com/
|
Reply by Philip Johnson on 8/16/07 1:26pm
Msg #205951
How will you know on any mortgage who the backer is
till you show up at the house? Also don't you think the title company is keeping an eye on this as well? They stand to lose a whole lot more than us if they do all the work and nothing happens.
|
Reply by jba/fl on 8/16/07 2:16pm
Msg #205958
Re: How will you know on any mortgage who the backer is
You can read the HUD prior to printing anything. That gives what is needed to check against list(s)
|
Reply by Philip Johnson on 8/16/07 2:25pm
Msg #205960
I still assume that Title is not going to expend the effort
on some company that they know is belly up.
|
Reply by Lee/AR on 8/16/07 3:59pm
Msg #205991
Re: I still assume that Title is not going to expend the effort
Agree, but operative word here is 'IS'. They tend to go poof overnight. I had one of the last loans to fund waaay back when Fremont went poof. That put A&M under and, tho' they got paid, I sure didn't. Just be careful or you're working for free.
|
Reply by NancyP/Mass on 8/16/07 2:37pm
Msg #205964
Thank you alice
Phew!
That is quite a list, very sad indeed.
Thanks for the info.
Nancy
|
Reply by Debra Waller on 8/16/07 2:49pm
Msg #205965
Re: Thank you alice
Thanks, for the info.....
|
Reply by Sharon Taylor on 8/16/07 2:58pm
Msg #205968
Thanks, Alice - I've copied to Excel and Word & printed
This is a sad, sad list. I copied it to Word and saved it, and then copied it to Excel, separated the numbers from the names, sorted alphabetically by the names, and saved it, then printed it out to keep with me as a reference when a title company or signing agency calls.
It's sooooooo quiet right now. I had one scheduled for today at 5, and it just cancelled.
|
Reply by Philip Johnson on 8/16/07 3:49pm
Msg #205987
Here's the updated list and i just got heads up on one that
is not that far from joining. I guess we'll see if my guy knows what he's talking about.
http://ml-implode.com/
|
Reply by PJM/MI on 8/16/07 5:54pm
Msg #206016
Re: Good post, but it's the TC's /SS's that hire us n/m
|
