| Author |
Previous Topic | Next Topic |
|
|
Accredited Axiom
565 Posts |
 Posted - 12/29/2006 : 1:18:21 PM
|
| Just "go home"? What are they supposed to do on Tuesday? |
|
|
snowman77
972 Posts |
Posted - 12/29/2006 : 1:18:54 PM
|
| That news just got to us. My post earlier was based upon what we were being told this morning. Sadly, we are not funding loans and obviously things don't look good |
|
|
nickraine78
341 Posts |
Posted - 12/29/2006 : 1:20:07 PM
|
quote:
Originally posted by Stacker
Our 2:30 p.m. MLN refi closing went quite smoothly this afternoon.
That because its not funding today. Or next week for that matter now! |
|
|
kenmorr23
1540 Posts |
Posted - 12/29/2006 : 1:21:56 PM
|
| They were told to come back on tuesday. Probably to get laid off |
|
|
kenmorr23
1540 Posts |
Posted - 12/29/2006 : 1:29:52 PM
|
| Just recieved a fax from them. Its officially over. They are closed and will no longer be funding residential mortgage loans. |
|
|
azbroker
2613 Posts |
Posted - 12/29/2006 : 1:30:17 PM
|
They are done. I just got a fax confirming it. That really *****.
|
|
|
Accredited Axiom
565 Posts |
Posted - 12/29/2006 : 1:30:49 PM
|
Damn....Happy New Year. This industry can be nasty somedays...like Monday, Tuesday, Wednesday.... You get my point.
I feel for those guys. I think Ed and Scott seemed like some of the nicest AEs on here. |
|
|
gsgroupinc
2068 Posts |
Posted - 12/29/2006 : 1:32:21 PM
|
what does MLM stand for?
|
|
|
azbroker
2613 Posts |
Posted - 12/29/2006 : 1:36:04 PM
|
| Mortgage Lenders Network. |
|
|
nickraine78
341 Posts |
Posted - 12/29/2006 : 1:38:38 PM
|
| R.I.P MLN......I hate to hear about lay offs. Been there done that. |
|
|
snowman77
972 Posts |
Posted - 12/29/2006 : 1:38:58 PM
|
Eric,
Thank you for the kind words. |
|
|
jetterman
7 Posts |
Posted - 12/29/2006 : 1:39:27 PM
|
Wow. I still haven't gotten a fax from them. If anyone could send it over that would be great! jetterman at ccsfinancialcorp.com
Thanks. |
|
|
investaid_corp
708 Posts |
Posted - 12/29/2006 : 1:52:35 PM
|
| They ran out of money. they are done. |
|
|
JackGFG
1017 Posts |
Posted - 12/29/2006 : 2:19:16 PM
|
Helluva way to have to start the new year.
Best wishes and hopes for a quick rebound to all those affected. |
|
|
Pat
1004 Posts |
Posted - 12/29/2006 : 2:20:18 PM
|
Got the same fax about 4:49p EST... no longer funding residential mortgage loans. No warehouse funds available. If you aren't out of recission yet, you'll probably need to hold your breath.
I just did a $550k+ loan last week but it's out of recission and funded.
Best of luck. |
|
|
bayfieldkid
2287 Posts |
Posted - 12/29/2006 : 2:21:50 PM
|
| MLN was pretty far up the food chain, HUH? |
|
|
gsgroupinc
2068 Posts |
Posted - 12/29/2006 : 2:24:02 PM
|
quote:
Originally posted by investaid_corp
They ran out of money. they are done.
I guess you can't run out of money if you don;t fund any loans ??? |
|
|
mfisher
389 Posts |
Posted - 12/29/2006 : 2:32:17 PM
|
| So sad. I've only closed one deal with them, and eveyone I dealt with was responsive and easy to work with. Im sad to hear these folks will go into the New Year jobless. |
|
|
roslyngrant@sbcg
2264 Posts |
Posted - 12/29/2006 : 2:33:36 PM
|
quote:
Originally posted by bayfieldkid
MLN was pretty far up the food chain, HUH?
shhh...Thats what I was thinking  |
|
|
Fund My Shizzle
32 Posts |
Posted - 12/29/2006 : 2:45:02 PM
|
quote:
Originally posted by haseltonk
I talked to my rep earlier and there are no problems. Isn't it funny how all of these rumors come from "my buddy at another shop" or "the AE from X Subprime Lender said they were done". When Own-It closed their doors everybody KNEW right away - there weren't lingering rumors for weeks on end...
Hey haseltonk- have you spoken to your rep lately? Is he still indicating that there are no problems? |
|
|
FremontBrokerAE
725 Posts |
Posted - 12/29/2006 : 2:51:19 PM
|
| I can't believe that this is for real |
|
|
tricia94382
1532 Posts |
Posted - 12/29/2006 : 2:53:27 PM
|
| Ownit was #11, does anyone know where MLN ranked? |
|
|
nowlending
32 Posts |
Posted - 12/29/2006 : 3:04:06 PM
|
| Can anyone forward me a copy of this "fax". I'm here in Connecticut about half an hour from MLN and we haven't heard anything about that fax yet. |
|
|
kenmorr23
1540 Posts |
Posted - 12/29/2006 : 3:11:36 PM
|
| Good luck to everyone here from MLN. I also agree with the previous posters that Ed and Mr. Snow have been really nice and helpful on here. Your knowledge is good so I'm sure you guys will have a future. Good luck guys. Sorry to hear the news, really sorry. |
|
|
rologiga
102 Posts |
Posted - 12/29/2006 : 3:16:53 PM
|
| MLN CLOSED ITS OPERATIOS AS OF 5 P.M. TODAY. CONFIRMED! |
|
|
kevrock
24 Posts |
Posted - 12/29/2006 : 3:23:53 PM
|
I emailed my Rep for a loan submission form and his exact words are:
Would love too...... So you know
MLN shut the doors on our wholesale side today.......
Thanks for the business and
Hope you have a great new year!!!!
I copied and pated those exact words. |
|
|
kevrock
24 Posts |
Posted - 12/29/2006 : 3:25:46 PM
|
| Sorry I copied and pasted his exact words |
|
|
roslyngrant@sbcg
2264 Posts |
Posted - 12/29/2006 : 3:28:59 PM
|
good night
farewell
a vi dah se (spell check please) |
|
|
Kevin@SebringCap
18 Posts |
Posted - 12/29/2006 : 3:44:16 PM
|
I'm sorry to hear about another one down.
I wish all of their employees good luck. |
|
|
Edumakated
452 Posts |
Posted - 12/29/2006 : 3:45:48 PM
|
MLN is dead as a door nail. We closed a purchase loan with them yesterday and they never sent the wire. Told everyone the wire would be here today. Of course it never came. They called while everyone was waiting around to say they went out of business and can't send the funds. Borrowers left without a home.
The a-hole builder won't even let the borrowers move in. So we have a lender who closes a loan, never sends the funds, and a builder who with no sympathy. The buyers must love real estate professionals right.
Fortunately, we were able to find another lender and fund it today.
Gotta love this business. |
|
|
0_tolerance_4_fr
16 Posts |
Posted - 12/29/2006 : 3:58:25 PM
|
quote:
Originally posted by roslyngrant@sbcglobal.net
good night
farewell
a vi dah se (spell check please)
German for goodnight: Auf wieder sehen = 'upon seeing (you) again' |
|
|
bayfieldkid
2287 Posts |
Posted - 12/29/2006 : 4:00:03 PM
|
| Welcome to the post. I fully agree with your Statement |
|
|
0_tolerance_4_fr
16 Posts |
Posted - 12/29/2006 : 4:27:03 PM
|
quote:
Originally posted by kenmorr23
Good luck to everyone here from MLN. I also agree with the previous posters that Ed and Mr. Snow have been really nice and helpful on here. Your knowledge is good so I'm sure you guys will have a future. Good luck guys. Sorry to hear the news, really sorry.
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.
Charles Darwin (1809-1882)
British naturalist
(Continued success to all at MLN.) |
|
|
brooks2006
648 Posts |
Posted - 12/29/2006 : 5:07:20 PM
|
| I got the fax too. I feel special. |
|
|
bayfieldkid
2287 Posts |
Posted - 12/29/2006 : 5:12:42 PM
|
| Where were they ranked before they went broke?? |
|
|
brooks2006
648 Posts |
Posted - 12/29/2006 : 5:16:05 PM
|
Holy forclosure Batman, things are bad.
TOP STORY: Ownit Looked For Investor Until Very End
Posted by Stephen Bernard on Dec 11 2006 07:07:07 PST
< Mortgage News
Email News
Print Version
RSS XML
News Alerts
Post a story
While the closure of Ownit Mortgage Solutions last Tuesday afternoon caught most of the market – including the lender’s own employees – off-guard, senior management at the firm spent their last few hours furiously trying to find a new partner, BankNet360.com has learned.
Ownit had gone as far as to prepare and circulate a book, detailing its financial position, to several possible investors. At least one investment bank was approached on two different fronts, according to a senior executive at a mortgage bank familiar with the situation.
Ownit abruptly halted operations Tuesday around 5:30 p.m. EST after Merrill Lynch & Co., a minority stakeholder, withdrew its funding. The Agoura Hills, Calif.-based lender notified its 800 employees Tuesday evening via a mass email that announced the suspension of all origination-related operations. Merrill Lynch, which owns a 20% stake in Ownit and provided many investment-banking-related functions for the nonprime lender – such as warehouse lines of credit and underwriting asset-backed securitizations -- withdrew its funding because Ownit was facing hundreds of millions of dollars in loan repurchase requests.
Merrill Lynch purchased the minority stake in Ownit in September 2005, and was a principal investor in the lender’s loans, frequently packaging them into securitizations. Ownit, which started funding loans three years ago, had originated about $9 billion of loans through Oct. 31.
MERRILL BUYS COMPETITOR
In early September, Merrill Lynch paid National City Corp. $1.3 billion to purchase a direct competitor to Ownit -- nonprime lender First Franklin Financial Co. Coincidentally, William D. Dallas, Ownit’s founder and chief executive, founded First Franklin before selling it to National City in 1999. Chicago-based private equity firm CIVC Partners owned a stake in First Franklin when it was sold to National City and also owns a stake in Ownit.
The two lenders’ products and geographical reach are very similar, said Quentin Allcorn, a former southeast regional account executive at Ownit.
LONG DECEMBER
December is shaping up to be a low-point for nonprime lenders. Carrollton, Texas-based Sebring Capital closed its doors Dec. 1, laying off 325 employees. And Middletown, Conn.-based Mortgage Lenders Network USA was forced to release a statement last Friday announcing it was still in business after rumors of its imminent demise swirled through the industry late last week, according to a published report.
At Ownit, a “transition team” including Dallas, Chief Operating Officer Bruce ****inson, and Chief Financial Officer John duHadway are currently operating out of Ownit’s headquarters, according to an email that Dallas sent to former employees Thursday night that was obtained by BankNet360.
The Thursday email is one of the few messages relayed to former employees since the closing, said Julley Capps, a former account executive. Account executives had no idea there were problems with the company, Capps said, adding they are still in the dark about exactly what happened.
“We got the announcement and about an hour later our whole email system and web site were shut down,” Capps said.
The site for account executives, called MyOwnit, was back up the next day but with little information on it, Capps said.
COMMISSION CHECKS DUE FRIDAY
Former employees have yet to be told if they will be paid for November, Capps said. They are due to receive November commission checks this Friday. Ownit has told employees it will maintain their medical benefits through the end of December, Allcorn said.
Former account executives are looking to help place approved loans with other lenders, Allcorn said |
|
|
bayfieldkid
2287 Posts |
Posted - 12/29/2006 : 5:18:08 PM
|
| Keep handing out the no credit, no job, 125% loan and that's what happens |
|
|
brooks2006
648 Posts |
Posted - 12/29/2006 : 5:24:09 PM
|
Foreclosures Increase 4% - Up 68% From One Year Earlier
Thursday, December 14, 2006 -
Click to Review
IRVINE, CA - RealtyTrac™ released its November 2006 U.S. Foreclosure Market Report, which shows that 120,334 properties nationwide entered some stage of foreclosure during the month, an increase of 4 percent from the previous month and an increase of 68 percent from November 2005. The report also shows a national foreclosure rate of one new foreclosure filing for every 961 U.S. households, the highest monthly foreclosure rate reported so far this year.
"Defaults, auctions and bank repossessions all trended higher in November, bringing the year-to-date foreclosure total to almost 1.2 million -- up 43 percent from the same 11-month period of 2005," said James J. Saccacio. "With home price appreciation slowing, and even declining in some areas of the country, homebuyers who stretched themselves financially to purchase a property don't have much equity to work with if they experience even a small bump in their mortgage rate or disruption in their income. However, the recent dip in interest rates, combined with relatively low unemployment in most areas of the country, should keep foreclosures from accelerating to the point where they impact the entire housing market."
Nevada beats out Colorado for highest foreclosure rate
After eight consecutive months with Colorado posting the nation's highest foreclosure rate, Nevada's foreclosure rate jumped to the top spot thanks to a 12 percent increase in foreclosure activity from the previous month. Nevada reported 2,506 properties entering some stage of foreclosure during the month, nearly triple the number reported in November 2005 and a foreclosure rate of one new foreclosure filing for every 346 households -- 2.8 times the national average.
Colorado foreclosure activity decreased nearly 10 percent from the previous month, helping the state's foreclosure rate -- one new foreclosure filing for every 362 households -- drop to second highest among the states. The state reported 5,051 properties entering some stage of foreclosure, still up 88 percent from November 2005.
With one new foreclosure filing for every 439 households, Georgia documented the nation's third highest state foreclosure rate for the second month in a row. The state reported 7,056 properties entering some stage of foreclosure, a 2 percent increase from the previous month and a nearly 60 percent increase from November 2005.
Other states with foreclosure rates among the nation's 10 highest were Ohio, Texas, Michigan, California, New Jersey, Indiana and Tennessee.
California reports highest number of foreclosures for third straight month
More than 19,000 California properties entered some stage of foreclosure during November, the most of any state for the third straight month and an increase of more than 19 percent from the previous month. The state's foreclosure rate of one new foreclosure filing for every 635 households rose to 1.5 times the national average and jumped to seventh highest among the states after being 12th highest the previous month. California foreclosure activity has more than tripled from a year ago.
Texas foreclosure activity jumped more than 40 percent in November after posting a decline in October. The increase pushed the state's foreclosure total to 13,664, the second highest total of any state. The state's foreclosure rate of one new foreclosure filing for every 589 households was 1.6 times the national average and fifth highest in the nation.
Despite an 18 percent month-to-month decrease in foreclosure activity, Florida reported the third highest foreclosure total in November. The state reported 9,362 properties entering some stage of foreclosure, up more than 5 percent from November 2005 and a foreclosure rate of one new foreclosure filing for every 780 households -- 12th highest among the states.
Ohio, Michigan, Georgia, Illinois, New J |
|
|
gsgroupinc
2068 Posts |
Posted - 12/29/2006 : 5:24:51 PM
|
quote:
Originally posted by bayfieldkid
Keep handing out the no credit, no job, 125% loan and that's what happens
if a lender offers it does that mean you will sell it?? |
|
|
bayfieldkid
2287 Posts |
Posted - 12/29/2006 : 5:28:31 PM
|
| I have never sold it or offered it. The company I work with, has had ONE foreclosure in ten years. |
|
|
gsgroupinc
2068 Posts |
Posted - 12/29/2006 : 5:29:55 PM
|
good to know
does our company sell option arms? |
|
|
bayfieldkid
2287 Posts |
Posted - 12/29/2006 : 5:31:59 PM
|
| Only to people that ask for them and FULLY UNDERSTAND the concept. That would be three in 2006 |
|
|
Rene Viloria
3140 Posts |
Posted - 12/29/2006 : 9:10:32 PM
|
quote:
Originally posted by gsgroupinc
quote:
Originally posted by Rene Viloria
I told you guys a million times not to use mln, they are done...They used to be really good, but now it is over.
if you say so it must be true
How you like them apples, I was right, please issue an apology... |
|
|
bayfieldkid
2287 Posts |
Posted - 12/29/2006 : 9:18:52 PM
|
They were done back in August When a "qualified A.E." told me... "We have and will always beat anyone............ooooops.......... f-n dumbass..
I AM SO SORRY RENE LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! |
|
|
carter1217
186 Posts |
Posted - 12/29/2006 : 9:46:10 PM
|
any body that needs loans closed asap please let me know.
alt a, portfolio, pay option arms, subprime to 500
Jake Hall
First Bank Mortgage
949.754.0350
jake.hall@fbol.com
http://firstbanchomemortgage.com/ |
|
|
haseltonk
675 Posts |
Posted - 12/29/2006 : 10:21:37 PM
|
| I stand corrected - I feel bad for my MLN rep, hope he finds a good home... |
|
|
ugaagent
339 Posts |
Posted - 12/30/2006 : 06:20:35 AM
|
| I know a lot of people that went to MLN thinking it was the promised land. It doesn't take enormous brain power to figure out that any lender that is undercutting their competition on rate by .75 to 1.50 bps, letting borrowers go 100% stated at 600 and using the first page of the bank statements as full doc is eventually going to get their ass handed to them. Subprime people are exactly that, subprime and their credit ***** for a reason: they don't pay on time. I think the industry is finally figuring out that they need to go back to treating these borrowers with higher rates and more money down. |
|
|
mudshark
3923 Posts |
Posted - 12/30/2006 : 09:06:34 AM
|
This is a reality check for the lending industry. Every indicator is there. Easy qual neg-ams and no money deals are going by the wayside as these are the real weapons of mass destruction. It was a nice ride as everyone was so busy refinancing and living off of their homes to be blinded by what else is going on. The survivors are going to be going tighter and the days of turn in an incomplete file and go to docs "subject to" are gone.
A higher degree of accountability and professionalism from all sides will no longer be obligatory but will be mandatory to survive. If Sen. Obama's bill passes then there will be a greater power handed to the Fed when they want someone. I doubt that this will revert to a Suze Ormond A-only and everyone else has to rent in PotterTown world but the abuses of our business are returning big-time to bite us in the butt.
On the upside, by the end of the year when you say that you are in lending there will be a new perception of respect as the idiots and con artists depart. Know your guidelines and don't be afraid to say no to a bad deal. |
|
|
assassin17
9055 Posts |
Posted - 12/30/2006 : 09:53:42 AM
|
It's been fascinating to watch and I have to applaud the Outpost for being on top of the game with the warnings and predictions. Hopefully, this will teach the naysayers to pay attention to the details.
Hope the MLN guys find something soon. That's a rotten Xmas present. |
|
|
Henry_Sun
1448 Posts |
Posted - 12/30/2006 : 10:38:42 AM
|
Can anyone post the fax that went out? I went to the mlnusa.com web site this morning and still nothing was there re: closing.
Thanks in advance,
Henry_Sun |
|
|
|
Previous Topic | Next Topic |
|
