Posted by Sandra Clark on 7/30/08 2:15pm
Msg #257708

All Reverse Transaction - Lenders 1st.

Everyone should be aware that Lenders 1st. situation will also affect ART. Right now, according to Escrow Officer they're not sure how they will be affected and won't comment.

Reply by Robert/VA on 7/30/08 2:30pm
Msg #257711

Oh great, I just did a Reverse Mortgage at Bank of America office on Monday - now I'll probably not be paid!

Reply by SheilaSJCA on 7/30/08 2:34pm
Msg #257715

Robert- Bank of America is not the same as ART n/m

Reply by MW/VA on 7/30/08 2:49pm
Msg #257722

I'm doing quite a few of these BOA RM's (some through AFT/LFC). I'm fairly sure that if a non-payment issue arose, BOA would make sure I was paid. Their RM business is very important to them & they are making sure they are known as a credible lender in that area.

Reply by Sandra Clark on 7/30/08 2:52pm
Msg #257725

BOA is not the only lender ART represents - they also do Wells-Fargo RM's

Reply by Les_CO on 7/30/08 2:30pm
Msg #257712

Both companies owned by Mercury/Jerry Hauptman

Reply by Luana Lonergan on 7/30/08 2:44pm
Msg #257718

I do several closings a month for Art Reverse. They are wonderful to work for and what is all the hype about.

Reply by MistarellaFL on 7/30/08 2:47pm
Msg #257720

Luana the "hype" is this...

Companies owned by Mercury are out of business.

Not really "hype", but we are passing along of information that a leader in the industry has gone belly-up....and ART is a part of Lender's First Choice, which is a part of Mercury.

Reply by MW/VA on 7/30/08 2:51pm
Msg #257724

Re: Luana the "hype" is this...

Don't you just hate it when the dominoes start to fall.

Reply by jba/fl on 7/30/08 2:52pm
Msg #257726

Re: Luana the "hype" is this...


Don't you just hate it when the dominoes start to fall, especially when the final one is the one that rings the bell...

Reply by Sandra Clark on 7/30/08 2:48pm
Msg #257721

Just as stated. ART is the reverse mortgage arm of LFC. If you have contact at ART, you should call them. I did and was told they don't know how this LFC situation will affect them at this point. I just closed one on Friday and hope will get paid for it but not counting on it at this point.

Reply by Luana Lonergan on 7/30/08 2:59pm
Msg #257731

I spoke with Lisa at Art Reverse and she is not sure how this is going to play out but is actively seeking another company. I just love her and enjoy wotking with her and Lindy Noble. I hope they can stay in the picture.

Reply by Dennis Larson on 7/30/08 4:01pm
Msg #257773

Wasn't it Hauptman's that were part of that Bridgeport fiasco back in '02 or '03? I had an uneasy feeling about LFC from the get-go.

Reply by MistarellaFL on 7/30/08 4:11pm
Msg #257776

Wow Dennis, I think you're right about Hauptman and Bridgeport....that was such a looong time ago.

Reply by BrendaTx on 7/30/08 6:07pm
Msg #257821

So Jerry must not have plenty of money. n/m

Reply by Dennis Larson on 7/30/08 7:38pm
Msg #257842

Re: So Jerry must not have plenty of money.

Oh, I suppose that Jerry managed to salt some away, as many others in this industry seem to have done. Case in point, Roland Arnall (now departed) managed to salt enough away to buy himself the position of Ambassador to the Netherlands. And least we not forget the "King of Salting away" - Angelo R. Tanzilo

Reply by Les_CO on 7/30/08 9:56pm
Msg #257863

Re: So Jerry must not have plenty of money.

I'd trade my net worth for his anyday!

Reply by BrendaTx on 7/30/08 10:02pm
Msg #257866

In the context of remarks regarding LFC, Les. n/m

Reply by Les_CO on 7/30/08 10:43pm
Msg #257873

Re: In the context of remarks regarding LFC, Les.

I would agree that LFC, and a couple of others, may be a little short on cash today. I'd still trade my net worth for Jerry's.

Reply by Dennis Larson on 8/8/08 8:46pm
Msg #259408

Re: In the context of remarks regarding LFC, Les.

The word on the street is that anyone who has ever had anything to do with Jerry and/or Patty comes away with that uncontrollable desire to take a hot shower (and maybe even for months on end).
http://pinkbunnyears.com/?p=906

Reply by MW/VA on 7/30/08 3:00pm
Msg #257732

I just called my contact at ART/LFC in Rocklin, CA. She said that they are not permitted to share info at this point, but feels sure that anything that is in the "pipeline" to date will be paid. They are all affected, so it's anyone's guess at this point & is a wait & see.

Reply by Ocean Pacific Notary Services, Inc. on 7/30/08 3:01pm
Msg #257736

They have closed their doors today. There is no more ART

Reply by Sandra Clark on 7/30/08 3:03pm
Msg #257737

Don't know if that is true or not -they are still answering phones and taking call.

Reply by Luana Lonergan on 7/30/08 3:09pm
Msg #257742

LFC does not own Art Reverse. Why would they close their doors?????????

Reply by MistarellaFL on 7/30/08 3:11pm
Msg #257743

You are mistaken Luana

http://www.artreverse.com/

Go directly to the site, states plainly: "A division of lender's first choice".

Reply by Luana Lonergan on 7/30/08 3:12pm
Msg #257744

Re: You are mistaken Luana

Wow. I didn't know that. Guess money owed to me is out the window.

Reply by MW/VA on 7/30/08 3:20pm
Msg #257749

Re: You are mistaken Luana

Good old fear & panic. I don't think we can assume we won't be paid. The news is everywhere that Mercury closed it's doors today (and all companies under that umbrella).

Reply by Luana Lonergan on 7/30/08 3:24pm
Msg #257753

Re: You are mistaken Luana

According to ART the girls don't even know if they are going to be paid. So I am not assuming anything.

Reply by Ocean Pacific Notary Services, Inc. on 7/30/08 3:33pm
Msg #257754

Re: You are mistaken Luana

Closings that have funded should be paid since those are trust accounts and the title company has fiduciary responsibility since they have received the funds. My best guess is that there is no more cash to cover the daily ops of all the LFC companies.

We knew there would be a ripple when Indy Mac closed since it funds Financial Freedom. And FF was a hugh ART client. So, although bad news, there will other title companies that will happily pick up the business. We are so sad to see to ART close, so many wonderful friends in the Rocklin office.

Reply by Loretta on 7/30/08 8:24pm
Msg #257850

To anyone that thinks LFC will pay up....

Let's face it, unless it is an act of the "all mighty", no one will be paid. Look at EFS, loans funded and EFS got their money from the lender for the work but they did not pay the abstractors, appraisers, surveyors or signing agents for hundreds of thousands of dollars in work. Just because the loan funds does not mean that they did the right thing and paid their independent contractors.

I am chicken little and the sky is falling on any work done for LFC that is still owed.

Reply by Philip Johnson on 7/30/08 6:47pm
Msg #257829

Have you gotten any money from EFS?

I would think being worried about any outstanding debt is worthwhile.

Reply by BrendaTx on 7/30/08 6:59pm
Msg #257835

Re: You are mistaken Luana

**Good old fear & panic. I don't think we can assume we won't be paid. **

I think it would be safe not to count on it at this point and if you need that money start making other arrangements.

Reply by 101livescan on 7/30/08 8:58pm
Msg #257854

I've done a bunch of work lately for Art Reverse Transactions/LCT...I am satisfied from speaking with my favorite SS aka Tony N., that I will be paid, and that ongoing loans will close with another nationwide title company. Also, Tony N. is working on a national account that will bring about 1000 loans a month to his service, so hopefully you are LSA in good standing with this SS and will realize some of the business. Way to go, Tony N.