| Author |
Previous Topic | Next Topic |
|
sbuckman
530 Posts |
 Posted - 08/25/2007 : 11:45:22 AM
|
| My rep told me on Friday. He claims that any file already approved will be closed from the corporate office. But I am not going to hold my breath. |
|
|
|
MortgageGurl
669 Posts |
Posted - 08/25/2007 : 11:53:21 AM
|
| I believe it! I was hoping who ever was left after Friday would have safely made it threw this go-round of changes. I was surprised Impac and First Franklin were still going on Friday. However, late Friday I started getting the updates on all the suspended Jumbo products so I know things are not got to stop changing quite yet. I know there will be more to come but I was hoping it would stop for now and give us time to absorb all that has gone on this week. |
|
|
Coffee Is 4 Clos
1750 Posts |
Posted - 08/25/2007 : 12:43:00 PM
|
| Impac just bought tri star / pinnacle like 3 months ago... |
|
|
mortgagemessiah
8070 Posts |
Posted - 08/25/2007 : 1:05:29 PM
|
| Another one bites the dust! |
|
|
terall
248 Posts |
Posted - 08/25/2007 : 1:06:50 PM
|
| What a way to start the week |
|
|
mcmoney
1179 Posts |
Posted - 08/25/2007 : 1:07:39 PM
|
| Yep. We're toast first thing Monday morning. |
|
|
keckpas
1176 Posts |
Posted - 08/25/2007 : 1:19:55 PM
|
| I am sorry to hear that mcmoney. I wish you luck in whatever direction you decide to go from here. |
|
|
mcmoney
1179 Posts |
Posted - 08/25/2007 : 1:29:14 PM
|
Ha ha! Thanks Michelle!
Been around too long not to have seen this one coming. I literally had to call my new employer to tell them I'd be late coming in Monday waiting to get laid off. Thought we'd get laid off this past Friday... |
|
|
vegasray
2054 Posts |
Posted - 08/25/2007 : 1:33:01 PM
|
I remember working at a company (before I got into mortgages) where they started casual fridays.
About a month later, they started having layoffs and they were always on fridays.
Guess someone figured might have them dressed casual so they carry out their own box.
|
|
|
keckpas
1176 Posts |
Posted - 08/25/2007 : 1:33:40 PM
|
| That's awesome. Glad you already had something lined up and that you were smart enough to see it coming. |
|
|
MisterVA
9254 Posts |
Posted - 08/25/2007 : 1:42:02 PM
|
| Why do people start these threads with multiple exclamation points like they just won Powerball? Lots of people lose their jobs when these things happen. |
|
|
mcmoney
1179 Posts |
Posted - 08/25/2007 : 1:48:41 PM
|
quote:
Originally posted by MisterVA
Why do people start these threads with multiple exclamation points like they just won Powerball? Lots of people lose their jobs when these things happen.
I've always wondered the same thing, especially when the poster is a broker. Even if they don't care about what happens to the folks involved, perhaps they'll start to worry when no lenders are accepting their business. |
|
|
acw
1455 Posts |
Posted - 08/25/2007 : 2:03:07 PM
|
This *****....
Impac did some kewl commercial loans too...
|
|
|
MortgageGurl
669 Posts |
Posted - 08/25/2007 : 2:03:12 PM
|
MCMONEY
I wish you the best of luck where ever you are going next. I am very glad to hear you have a place to go. |
|
|
velecico
6403 Posts |
Posted - 08/25/2007 : 5:13:55 PM
|
Pinnaclepeter were are you ? i was pulling for you |
|
|
Rampart
1387 Posts |
Posted - 08/25/2007 : 5:20:40 PM
|
| That really *****... |
|
|
monarchdad
2221 Posts |
Posted - 08/25/2007 : 5:25:14 PM
|
I remember back in 2003 Impac hosted the shop where I was working to their box suite at the Anaheim Pond & Mighty Ducks game. All the food and drinks you could consume.
Man, those were the days. |
|
|
velecico
6403 Posts |
Posted - 08/25/2007 : 7:03:21 PM
|
Dont take me back to the good old days , I could kick myself in the ass for blowing such money |
|
|
ownerop
548 Posts |
Posted - 08/25/2007 : 11:27:33 PM
|
| Sorry to hear, but i must say Impac rates always sucked and their underwriting was always a nightmare. |
|
|
MisterVA
9254 Posts |
Posted - 08/26/2007 : 09:12:34 AM
|
quote:
Originally posted by mcmoney
quote:
Originally posted by MisterVA
Why do people start these threads with multiple exclamation points like they just won Powerball? Lots of people lose their jobs when these things happen.
I've always wondered the same thing, especially when the poster is a broker. Even if they don't care about what happens to the folks involved, perhaps they'll start to worry when no lenders are accepting their business.
It is always somebody else's problem to some of those guys. |
|
|
vegasray
2054 Posts |
Posted - 08/26/2007 : 09:51:56 AM
|
quote:
Originally posted by monarchdad
I remember back in 2003 Impac hosted the shop where I was working to their box suite at the Anaheim Pond & Mighty Ducks game. All the food and drinks you could consume.
Man, those were the days.
And I remember Option One had a Dugout Suite at Anaheim Stadium.
|
|
|
vegasray
2054 Posts |
Posted - 08/26/2007 : 09:55:35 AM
|
| Has anyone found an email or article to support the closure? |
|
|
Coffee Is 4 Clos
1750 Posts |
Posted - 08/26/2007 : 09:59:35 AM
|
quote:
Originally posted by monarchdad
I remember back in 2003 Impac hosted the shop where I was working to their box suite at the Anaheim Pond & Mighty Ducks game. All the food and drinks you could consume.
Man, those were the days.
Man that ain't nothin!!! New Century used to hold yearly parties at a night club in Chicago where the AE's spent over 100k! Limo's, free booze and food for over a thousand people on the Chicago River with plasma screen TV's given out like candy, trips to vegas and miami, you name it!
BofA also used to send us to the Sky Box for the Blackhawks... three skyboxes, side by side, with parties before and after the game- since the blackhawks suck.
Crap, I'm lucky to get a free pen nowadays... and if I do they last about 24 hours until the ink runs out. |
|
|
MisterVA
9254 Posts |
Posted - 08/26/2007 : 10:05:03 AM
|
| New Century was lead sponsor of the exhibit hall at LAST year's New England Mortgage Bankers Conference. Jack Davis was the headliner. They had dvds of Jack Davis for those who gave them cards. Mine did not work. I called them and they sent a replacement. Which also did not work. |
|
|
lucky1s
4071 Posts |
Posted - 08/26/2007 : 10:37:19 AM
|
My onlty excitement at these closures is that I want to hurry up and get them overwith so we can get back to business.
I'm sorry if that sounds harsh.
But I am tired of having to shop a company's financials as well as their rates and guidelines before I decide to send a loan there. |
|
|
rsbyrge
118 Posts |
Posted - 08/26/2007 : 2:20:56 PM
|
"I literally had to call my new employer to tell them I'd be late coming in Monday waiting to get laid off. "
This is a classic...good job on planning ahead. Good luck to you and all the folks impacted by all the downturn. |
|
|
subprime
3628 Posts |
Posted - 08/26/2007 : 2:53:23 PM
|
| Sorry to hear Mcmoney, good luck to you on your new job! |
|
|
forsociald
2140 Posts |
Posted - 08/26/2007 : 6:31:02 PM
|
| Don't jump the gun just yet |
|
|
PinnaclePeters
1125 Posts |
Posted - 08/27/2007 : 06:03:36 AM
|
quote:
Originally posted by velecico
Pinnaclepeter were are you ? i was pulling for you
Still here - at my desk... I'm e-mailing brokers some updates on the files in progress. Life goes on...
|
|
|
cbathan
457 Posts |
Posted - 08/27/2007 : 08:52:39 AM
|
Impac Funding.... Serviced by whom??? Anyone ? anyone (Ben Steins voice)
COUNTRYWIDE HOME LOANS....
Yep this I know since I used to mail out the welcome letters from them... |
|
|
MisterVA
9254 Posts |
Posted - 08/27/2007 : 08:57:02 AM
|
| I have not looked at previous issues, but IMPAC is on the cover of the Scotsman Guide this month. Hope they don't have the SI jinx thing going. |
|
|
csmgcorp
619 Posts |
Posted - 08/27/2007 : 08:57:36 AM
|
Yup.....I wouldn't be surprised. My rep from Impac (she mostly sold their Alt-A products) was let go several weeks back. She said they couldn't fund anything past the 27th of last month (obviously, since CW pulled their lines from everyone)
So honestly, this wouldn't come as a big shock. |
|
|
PinnaclePeters
1125 Posts |
Posted - 08/27/2007 : 08:58:33 AM
|
"Serviced by" only means that CW bought the rights to service the loan.
|
|
|
walding714
427 Posts |
Posted - 08/27/2007 : 08:59:19 AM
|
BofA also used to send us to the Sky Box for the Blackhawks... three skyboxes, side by side, with parties before and after the game- since the blackhawks suck.
Crap, I'm lucky to get a free pen nowadays... and if I do they last about 24 hours until the ink runs out.
[/quote]
That's hilarious Coffee, i'd be happy if they answer the phone, return calls and pricing requests nowadays! |
|
|
csmgcorp
619 Posts |
Posted - 08/27/2007 : 09:02:02 AM
|
Ummmm Impac's lines were pretty much all CW from what my rep told me. Every loss payee was done with CW as the servicer. I understand most lenders have several places they have credit lines with, but as far as I was aware, Impac sold almost everything they did to CW. To be honest, I didn't even realize Impac had a prime / agency side until their Alt-A was pulled. I never ONCE saw them market it or had their reps leave us any information regarding it.
I hope they do stick around, but honestly they'll never get my business again anyway. Especially if they sell to Countrywide. They list Las vegas as a soft market and cut our LTV's by 5%. So anyone who sells to CW is in the same boat when doing loans for us.
That knocks out Impac, Sierra Pacific, CW itself, and quite a few other lenders.
No real loss IMO. I've never been a fan of CW |
|
|
MisterVA
9254 Posts |
Posted - 08/27/2007 : 09:10:06 AM
|
quote:
Originally posted by Coffee Is 4 Closers
quote:
Originally posted by monarchdad
I remember back in 2003 Impac hosted the shop where I was working to their box suite at the Anaheim Pond & Mighty Ducks game. All the food and drinks you could consume.
Man, those were the days.
Man that ain't nothin!!! New Century used to hold yearly parties at a night club in Chicago where the AE's spent over 100k! Limo's, free booze and food for over a thousand people on the Chicago River with plasma screen TV's given out like candy, trips to vegas and miami, you name it!
BofA also used to send us to the Sky Box for the Blackhawks... three skyboxes, side by side, with parties before and after the game- since the blackhawks suck.
Crap, I'm lucky to get a free pen nowadays... and if I do they last about 24 hours until the ink runs out.
That is brutal. Having to watch Blackhawk games. Hopefully, the TVs were all turned off. |
|
|
kjalameda
148 Posts |
Posted - 08/27/2007 : 09:12:24 AM
|
| Can we please get some concrete information to validate this??? Granted, the word on the street is that they might not survive the end of the year, but I have not heard anything about them closing up on Monday. Proof please!?!?! |
|
|
MisterVA
9254 Posts |
Posted - 08/27/2007 : 09:17:36 AM
|
quote:
Originally posted by kjalameda
Can we please get some concrete information to validate this??? Granted, the word on the street is that they might not survive the end of the year, but I have not heard anything about them closing up on Monday. Proof please!?!?!
Nothing showing up on www.impaclending.com as of a few minutes ago. |
|
|
PinnaclePeters
1125 Posts |
Posted - 08/27/2007 : 09:27:53 AM
|
Impac only started conforming in July, with the purchase of Pinnacle Financial (Tri-Star).
"Servicing" is different from "owning" the loan. Using CW as servicer makes the most sense, since they are equipped to service loans.
IMH provides warehouse lines as well. It's a major part of the Impac business plan. |
|
|
kjalameda
148 Posts |
Posted - 08/27/2007 : 09:29:29 AM
|
| Ok, maybe it's just Pinnacle that's closing. So far, no one at corporate in Newport Beach has been told anything. |
|
|
SPMlender
43 Posts |
Posted - 08/27/2007 : 10:02:00 AM
|
quote:
Originally posted by csmgcorp
Ummmm Impac's lines were pretty much all CW from what my rep told me. Every loss payee was done with CW as the servicer. I understand most lenders have several places they have credit lines with, but as far as I was aware, Impac sold almost everything they did to CW. To be honest, I didn't even realize Impac had a prime / agency side until their Alt-A was pulled. I never ONCE saw them market it or had their reps leave us any information regarding it.
I hope they do stick around, but honestly they'll never get my business again anyway. Especially if they sell to Countrywide. They list Las vegas as a soft market and cut our LTV's by 5%. So anyone who sells to CW is in the same boat when doing loans for us.
That knocks out Impac, Sierra Pacific, CW itself, and quite a few other lenders.
No real loss IMO. I've never been a fan of CW
Not sure how we got lumped in on this but we are still here and don't really have anything to do with Impac. We do sell some product to CW on a coorespondent basis but the majority of our loans are sold in bulk direct to Wall Street. We have scaled back our product menu to the products we can sell and will expand our product line as the secondary market appetite for the products reconfigures. We are a well capitalized mortgage banker in business for 21 years and looking to expand and become business partners with top producing branch managers/loan officers with a referral book of business. |
|
|
brokerdanob
201 Posts |
Posted - 08/27/2007 : 10:52:03 AM
|
| I guess this is just a rumor then... |
|
|
Rampart
1387 Posts |
Posted - 08/27/2007 : 11:22:30 AM
|
| Just a rumor. Confirmed with my buddy at Pinnacle. Nothing more than the cutbacks that were announced last week. |
|
|
csmgcorp
619 Posts |
Posted - 08/27/2007 : 11:37:55 AM
|
quote:
Originally posted by SPMlender
quote:
Originally posted by csmgcorp
Ummmm Impac's lines were pretty much all CW from what my rep told me. Every loss payee was done with CW as the servicer. I understand most lenders have several places they have credit lines with, but as far as I was aware, Impac sold almost everything they did to CW. To be honest, I didn't even realize Impac had a prime / agency side until their Alt-A was pulled. I never ONCE saw them market it or had their reps leave us any information regarding it.
I hope they do stick around, but honestly they'll never get my business again anyway. Especially if they sell to Countrywide. They list Las vegas as a soft market and cut our LTV's by 5%. So anyone who sells to CW is in the same boat when doing loans for us.
That knocks out Impac, Sierra Pacific, CW itself, and quite a few other lenders.
No real loss IMO. I've never been a fan of CW
Not sure how we got lumped in on this but we are still here and don't really have anything to do with Impac. We do sell some product to CW on a coorespondent basis but the majority of our loans are sold in bulk direct to Wall Street. We have scaled back our product menu to the products we can sell and will expand our product line as the secondary market appetite for the products reconfigures. We are a well capitalized mortgage banker in business for 21 years and looking to expand and become business partners with top producing branch managers/loan officers with a referral book of business.
I was told by more than one person at SPM's local office that all LTV's were scaled back to whatever CW has them at for conforming and non conforming products. They informed me all loans done by SPM are sold to CW, so whatever their product limits are set to for the soft market zip codes in our area are the max SPM can go to as well.
Not making anything up here, that's what I was told. |
|
|
sbuckman
530 Posts |
Posted - 08/27/2007 : 12:13:07 PM
|
| Hmmm, I wonder why my AE was giving a different impression. In fact, he told one of my LO's to send a file someplace else, but my file that was already there would close, which it appears that Pinnacle is doing. I guess only time will tell. But I did put an email in to the girl that I am dealing with at Pinnacle to see what the deal is. |
|
|
SPMlender
43 Posts |
Posted - 08/27/2007 : 2:34:00 PM
|
quote:
Originally posted by csmgcorp
quote:
Originally posted by SPMlender
quote:
Originally posted by csmgcorp
Ummmm Impac's lines were pretty much all CW from what my rep told me. Every loss payee was done with CW as the servicer. I understand most lenders have several places they have credit lines with, but as far as I was aware, Impac sold almost everything they did to CW. To be honest, I didn't even realize Impac had a prime / agency side until their Alt-A was pulled. I never ONCE saw them market it or had their reps leave us any information regarding it.
I hope they do stick around, but honestly they'll never get my business again anyway. Especially if they sell to Countrywide. They list Las vegas as a soft market and cut our LTV's by 5%. So anyone who sells to CW is in the same boat when doing loans for us.
That knocks out Impac, Sierra Pacific, CW itself, and quite a few other lenders.
No real loss IMO. I've never been a fan of CW
Not sure how we got lumped in on this but we are still here and don't really have anything to do with Impac. We do sell some product to CW on a coorespondent basis but the majority of our loans are sold in bulk direct to Wall Street. We have scaled back our product menu to the products we can sell and will expand our product line as the secondary market appetite for the products reconfigures. We are a well capitalized mortgage banker in business for 21 years and looking to expand and become business partners with top producing branch managers/loan officers with a referral book of business.
I was told by more than one person at SPM's local office that all LTV's were scaled back to whatever CW has them at for conforming and non conforming products. They informed me all loans done by SPM are sold to CW, so whatever their product limits are set to for the soft market zip codes in our area are the max SPM can go to as well.
Not making anything up here, that's what I was told.
Whoever said that we sell all of our loans to CW is misinformed. They are one of several different sources we utilize. The soft market counties is our internal company policy to deal with soft market issues and is not created based on CW policy. Where is your local SPM office if you don't mind me asking? |
|
|
csmgcorp
619 Posts |
Posted - 08/27/2007 : 2:36:09 PM
|
| Las Vegas |
|
|
shaslam
729 Posts |
Posted - 08/27/2007 : 2:56:11 PM
|
| This is not just a rumor. Go to www.blownmortgage.com for confirmation. Not only that, 2 reps from Impac are posting in this very thread!! What more confirmation do you guys need? |
|
|
modieve
379 Posts |
Posted - 08/27/2007 : 2:59:04 PM
|
Impac Lending Group (Wholesale) IMPLODED
Many have written in today to note that Impac Lending has decided to exit its Wholesale operations (At least, the external ops). Per one email that was forwarded to us apparently sent from an Impac employee:
From: XXXXXX@impaclending.com [mailto: XXXXXX@impaclending.com]
Sent: Monday, August 27, 2007 11:16 AM
Subject: Impac Has Elected to Exit Outside Wholesale Lending
Tri Star/Impac Customers:
It's been a pleasure working with all of you over the past 3 years...and some of you much longer than that. ...
Thanks for all the business over the years and good luck in the crazy mortgage market right now.
And another:
Impac has chosen to exit the wholesale lending platform, effective today. Impac corporate in Irvine CA remains open, but the Orlando/Winter Park fulfillment center is no longer operational, and I am no longer connected to Impac. Impac is not accepting new loans from brokers.
For brokers with loans in the Impac pipeline, I will contact you individually as to how those loans will be handled.
And further:
It is with a heavy heart I bring you the news Impac has elected to exit the Outside Wholesale Division. They have chosen to keep a small Inside Sales Model. I have really enjoyed working with all of you. Each AE is handling the execution of their existing pipeline to prevent any loan interruption. I hope to work with each of you at some point in the near future.
The closure has also been discussed at brokeroutpost here. We are eagerly awaiting an official release from Impac Group. Either way, we expect to list Impac Lending Wholesale as imploded shortly. If anyone can provide estimates as to the peak size of Impac's wholesale operations (loan volume, employees, etc.), please let us know.
Home Loan Specialists IMPLODED
We've received word today that Home Loan Specialists (HLS) "is forced to close its doors" per the following email that was sent out:
Good Morning,
Due to continued market volatility, we are saddened to inform you that Home Loan Specialists, Inc. is forced to close its doors after 10 years in business. We have sincerely enjoyed working with all of our great broker clients.
Effective immediately we will no longer accept loan submissions. All loans in the pipeline must fund by August 31, 2007. We will make every effort to minimize this disruption.
We wish everybody the very best,
The Team at Home Loan Specialists, Inc
Though we have yet to determine how many employees will be affected by this closure or peak loan volume, we've received word that Home Loan Specialists was lending in 20 states. If you have any data as to the size of HLS or can elaborate on their lending operations, please let us know.
MortgageIT stops subprime
An announcement was sent in indicating that MortgageIT has exited subprime:
To Our Valued Business Partners:
This is to inform you that, in light of the current conditions in the secondary mortgage market, effective immediately, we are discontinuing our subprime mortgage product offerings.
If we are currently processing a subprime mortgage loan for you, please contact your Account Executive for additional information.
We continue to carefully monitor the markets and will reevaluate our product offerings in accordance with any meaningful market shifts.
You are a valued business partner and we look forward to continuing to work with you now and into the future.
Sincerely,
R.J. Arnett
Managing Director
Wholesale Lending Division
Transnational Finance IMPLODED
A couple sources have informed us that Transnational Finance has ceased funding loans. We have been able to confirm this on their website by attempting to look at their rate sheets. Pull these docs up ( here - login required)results in the following PDF message:
8/24/2007 - DUE TO CURRENT MARKET CONDITIONS, TRANSNATIONAL FINANCIAL NETWORK TEMPORARILY WILL NOT BE ACCEPTING< |
|
|
| |
Previous Topic | Next Topic |
|
