177 Lenders Implode* Since Late Last Year
Last month, we were at 167 imploded* lenders. In just a month we add ten more to the list. How many will it be by year end and what impact will that have on the industry and the consumer?
“Imploded” Lenders:
177. Exchange Financial
176. FirstBank Mortgage
175. Bank of America (Wholesale Unit)
174. Diablo Funding Group Inc.
173. Honor State Bank
172. Spectrum Financial Group
171. National City - Home Equity, Correspondent
170. Priority Funding Mortgage Bankers
169. BrooksAmerica Mortgage Corp.
168. Valley Vista Mortgage
167. New State Mortgage Company
166. Summit Mortgage Company
165. WMC
164. Paragon Home Lending
163. First Mariner Wholesale
162. The Lending Connection
161. Foxtons, Inc.
160. SCME Mortage Bankers (Wholesale)
159. Aapex Mortgage (Apex Financial Group)
158. Wells Fargo (various Correspondent and Non-prime divisions)
157. Nationstar Mortgage
156. Decision One (HSBC)
155. Impac Lending Group (Wholesale)
154. E-Trade Wholesale Lending
153. Long Beach (WaMu Warehouse/Correspondent)
152. Expanded Mortgage Credit Wholesale
151. The Mortgage Store Financial
150. C & G Financial
149. CFIC Home Mortgage
148. BrokerSource (BSM Financial - Wholesale)
147. All Fund Mortgage
146. LownHome Financial
145. Sea Breeze Financial Services
144. Castle Point Mortgage
143. Premium Funding Corp
142. Group One Lending
141. Allstate Home Loans / Allstate Funding
140. Home Loan Specialists (HLS)
139. Transnational Finance Wholesale
138. CIT Home Lending
137. Capital Six Funding
136. Mortgage Investors Group (MIG) - Wholesale
135. Amstar Mortgage Corp
134. Quality Home Loans
133. BNC Mortgage (Lehman)
132. Accredited Home Lenders, Home Funds Direct
131. First National Bank of Arizona (FNBA) Wholesale, Correspondent
130. Chevy Chase Bank Correspondent
129. GreenPoint Mortgage - Capital One Wholesale
128. NovaStar (Wholesale), Homeview Lending
127. Quick Loan Funding
126. Calusa Investments
125. Mercantile Mortgage
124. First Magnus
123. First Indiana Wholesale
122. GEM Loans / Pacific American Mortgage (PAMCO)
121. Kirkwood Financial Corporation
120. Lexington Lending
119. Express Capital Lending
118. Deutsche Bank Correspondent Lending Group (CLG)
117. MLSG
116. Trump Mortgage
115. HomeBanc Mortgage Corporation
114. Mylor Financial
113. Aegis
112. Alternative Financing Corp (AFC) Wholesale
111. Winstar Mortgage
110. American Home Mortgage / American Brokers Conduit
109. Optima Funding
108. Equity Funding Group
107. Sunset Mortgage
106. Fieldstone Mortgage Company
105. Nations Home Lending
104. Entrust Mortgage
103. Alera Financial (Wholesale)
102. Flick Mortgage/Mortgage Simple
101. Dollar Mortgage Corporation
100. Alliance Bancorp
99. Choice Capital Funding
98. Premier Mortgage Funding
97. Stone Creek Funding
96. FlexPoint Funding (Wholesale & Retail)
95. Starpointe Mortgage
94. Unlimited Loan Resources (ULR)
93. Freestand Financial
92. Steward Financial
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, Market Street Mortgage
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, Equity Lending
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
List courtesy of Lender Implode dot com.
Please note*
“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.