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brianconner
354 Posts |
 Posted - 04/07/2008 : 3:45:40 PM
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Man, what a bummer. Just hung up w/ my WAMU AE, she said last day to submit is Thurs. April 10th, and must fund by June 13th. They will only do retail originations through the physical branch system, so they are even letting go of some of their own retail originators.
I know they've been on ml-implode.com for some time, but they seemed so strong on the wholesale side. Plus we really liked the people we worked with (Pleasanton, CA branch). I closed a boat load with them in Feb. and March! Sigh... |
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monarchdad
1811 Posts |
Posted - 04/07/2008 : 3:47:01 PM
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| Wow - this is huge. Can anyone else confirm? |
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brianconner
354 Posts |
Posted - 04/07/2008 : 3:48:30 PM
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| She said a blast email goes out tonight to the bokerage community. I'm really saddened by it, to be honest. |
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MortgageBoarder
4420 Posts |
Posted - 04/07/2008 : 3:48:49 PM
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| Please confirm, that is quite a large rumor mill starter if you don't have firm grounding... |
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scottanthony
2993 Posts |
Posted - 04/07/2008 : 3:49:00 PM
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| they stopped here in wa last year.. |
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monarchdad
1811 Posts |
Posted - 04/07/2008 : 3:50:55 PM
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| Everything we get from them says that this is the "Year of the Broker." |
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sacramento
778 Posts |
Posted - 04/07/2008 : 3:52:05 PM
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| It's on ML-Implode today |
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brianconner
354 Posts |
Posted - 04/07/2008 : 3:52:25 PM
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| I know, too bad the "Year" had to stop in April! |
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dc62
279 Posts |
Posted - 04/07/2008 : 3:57:56 PM
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| Anyone still think wholesale isn't seriously under threat? |
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CoolMtgGuy
4064 Posts |
Posted - 04/07/2008 : 4:01:15 PM
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quote:
Originally posted by brianconner
She said a blast email goes out tonight to the bokerage community. I'm really saddened by it, to be honest.
Me too. There is nothing to celebrate when one of our sources of wholesale funds disappear. It is sad indeed!
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mantixmortgage
2767 Posts |
Posted - 04/07/2008 : 4:03:05 PM
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| what if citibank stops. that will be the backbreaker. |
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sheriephillips
416 Posts |
Posted - 04/07/2008 : 4:07:09 PM
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| I knew this was going to happen around the 1st of the year, although no one wanted to believe it. It's sad indeed, however, WAMU needs to restructure things and with banks all over the place, they have enough exposure to do business without broker's. A lot of the MTA/Option Arms in default originated from broker channels (from what I was told), so that may be part of the reason they are eliminating wholesale. Sorry to see this is actually happening. |
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Scrooge McDuck
9710 Posts |
Posted - 04/07/2008 : 4:08:49 PM
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| im loving vertice, amtrust and provident. chase isnt so bad either. |
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1stintegritymort
1298 Posts |
Posted - 04/07/2008 : 4:15:42 PM
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| how could this be such a big surprpise to anyone? they have been on their deathbed for months. it was only a matter of time before they went under. who's going to be surprised if indymac were to do the same thing? even citi could be in that boat. they suck. yes wholesale is downsizing, but how could these lenders be your top choices. that, i do not understand. |
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Vane55a10
657 Posts |
Posted - 04/07/2008 : 4:31:54 PM
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This doesn't suprise me in the least bit, today there was a news article regarding a buyout company to invest 9 million or billion in WAMU. The deal is still in the works and most the details will be released as early as tomorrow. Probably some push from there investors to get out of the wholesale business since those loans seem to be preforming the worst. They have to seem like a more profitable company in order to keep moving forward and investors pouring there money on top of them. So I guess after June 13th they'll "seem" like a better lender. They had to do something...WAMU is definitely a bank who is hurting so much because of there west coast focus.
HMM I just thought about this...but you know how people believe that california and other parts of the west coast was going to be under water one day because of global warming. are we suppose to be under water by now? maybe this is what they meant. "water" was just the word they used...but I think this is what they meant. a mortgage meltdown...not a ice meltdown. |
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brianconner
354 Posts |
Posted - 04/07/2008 : 4:41:48 PM
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| Yeah, the $5 billion infusion being announced this AM, and then this announcement in the afternoon, was a little TOO much of a coincidence! |
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mortgagemessiah
8003 Posts |
Posted - 04/07/2008 : 4:44:34 PM
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quote:
Originally posted by brianconner
Man, what a bummer. Just hung up w/ my WAMU AE, she said last day to submit is Thurs. April 10th, and must fund by June 13th. They will only do retail originations through the physical branch system, so they are even letting go of some of their own retail originators.
I know they've been on ml-implode.com for some time, but they seemed so strong on the wholesale side. Plus we really liked the people we worked with (Pleasanton, CA branch). I closed a boat load with them in Feb. and March! Sigh...
That doesn't surprise me. |
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