| Author |
Previous Topic | Next Topic |
|
khoiey
1571 Posts |
 Posted - 08/21/2008 : 12:51:15 PM
|
OFFICIAL NOTICE: 2008-0821 August 21, 2008
Wholesale Operations Suspended
Effective immediately, all Wholesale lending operations will be suspended and no new applications will be accepted.
All in process loans must be locked by 5 p.m. Pacific Time on August 22. The maximum lock length is 30 days. No re-locks or extensions will be allowed.
All loans must be closed no later than 5 p.m. Pacific Time on September 30, 2008. No exceptions will be allowed.
Please call (888) 704-7946 with any questions.
I was pondering when are they going to exit wholesale. Their rates were horrible for conforming. |
|
SoCalRay
2698 Posts |
Posted - 08/21/2008 : 1:38:56 PM
|
| I thought they stopped back in May |
|
|
rascal560
23 Posts |
Posted - 08/21/2008 : 1:50:02 PM
|
I'm assuming you meant Irwin, not Irvin.
They stopped doing 2nds and all portfolio products back in May but were still originating loans to be sold to fnma, and another bank. Where did you hear they were suspending applications? |
|
|
hherrm
1407 Posts |
Posted - 08/21/2008 : 2:19:03 PM
|
| I thought Freedom Mortgage bought Irwin...no? |
|
|
Scrooge McDuck
8753 Posts |
Posted - 08/21/2008 : 2:20:36 PM
|
| i always wanted to a do a 125, but never got the chance. |
|
|
rascal560
23 Posts |
Posted - 08/21/2008 : 2:34:15 PM
|
| Irwin Mortgage was sold and became Freedom probably 3 years ago. Irwin Home Equity stayed around and did 125's and other portfolio products and loans sold to RFC, US Bank, and a few other places. In late June/early July they dropped the name Irwin Home Equity and became Irwin Home Mortgage. I worked there for almost 2 years, the 125's were great while they lasted, default was always low because of the credit and disposable income requirements. Not sure how they are performing now. |
|
|
velecico
3935 Posts |
Posted - 08/21/2008 : 4:32:50 PM
|
Freedom just bought the net operations on the East coast , the West Coast was bought out by Pinnacle , Irwin Union Bank is one of the oldest banks in the US , Irwin Morgage still has a nice servicing portofolio , I was with them from 2000 to 2003 , great money for the nets , not for corportate , |
|
|
peter
4543 Posts |
Posted - 08/21/2008 : 4:57:15 PM
|
Irwin is remembered as one of the first subprime lenders, even before the
term subprime was coined, along with lenders like Ford Consumer Finance,
TransAmerica Financial, etc. in the early 1990's. I refinanced some Irwin
1st loans which always had ppay penalty and at rates as high as 8-10% on
1st lien. When Irwin Home Equity came in with the 125% loan, they were not
really competitive with First Plus and other 125% lender crowds at the time
due to higher rates and residual income restriction in underwriting.
Sad to see them go though, as I thought they would last longer as this
year they switched to doing A paper Agency products.
Peter
|
|
|
smoothlid
411 Posts |
Posted - 08/21/2008 : 6:05:19 PM
|
quote:
Originally posted by velecico
Freedom just bought the net operations on the East coast , the West Coast was bought out by Pinnacle , Irwin Union Bank is one of the oldest banks in the US , Irwin Morgage still has a nice servicing portofolio , I was with them from 2000 to 2003 , great money for the nets , not for corportate ,
Actually they bought more than that Nick...we deal with remnants of Irwin out in Indiana all the time, big FHA/VA specialists with good back office systems, which is one of the main reasons Freedom grabbed em. |
|
|
khoiey
1571 Posts |
Posted - 08/21/2008 : 6:09:10 PM
|
| Sorry for typo. It is Irwin. |
|
|
velecico
3935 Posts |
Posted - 08/21/2008 : 6:37:05 PM
|
quote:
Originally posted by smoothlid
quote:
Originally posted by velecico
Freedom just bought the net operations on the East coast , the West Coast was bought out by Pinnacle , Irwin Union Bank is one of the oldest banks in the US , Irwin Morgage still has a nice servicing portofolio , I was with them from 2000 to 2003 , great money for the nets , not for corportate ,
Actually they bought more than that Nick...we deal with remnants of Irwin out in Indiana all the time, big FHA/VA specialists with good back office systems, which is one of the main reasons Freedom grabbed em.
I referred an OP your way that was looking for info on Freedom , what else did Freedom aquire but a few nets ? I think Bank of NY was in the run for them also but dropped out when they saw the numbers |
|
|
velecico
3935 Posts |
Posted - 08/22/2008 : 2:49:22 PM
|
quote:
Originally posted by velecico
quote:
Originally posted by smoothlid
quote:
Originally posted by velecico
Freedom just bought the net operations on the East coast , the West Coast was bought out by Pinnacle , Irwin Union Bank is one of the oldest banks in the US , Irwin Morgage still has a nice servicing portofolio , I was with them from 2000 to 2003 , great money for the nets , not for corportate ,
Actually they bought more than that Nick...we deal with remnants of Irwin out in Indiana all the time, big FHA/VA specialists with good back office systems, which is one of the main reasons Freedom grabbed em.
I referred an OP your way that was looking for info on Freedom , what else did Freedom aquire but a few nets ? I think Bank of NY was in the run for them also but dropped out when they crunched the numbers
|
|
|
| |
Previous Topic | Next Topic |
|
|
|
Search for: 
