Looks like another one has dropped out of the rat race? Origen Wholesale Lending has the following post on their website:
Origen is transferring its Wholesale Lending operation, effective immediately, to its select correspondent partners. The same real estate mortgage products remain available through these select Correspondent partners throughout the country, and Origen’s chattel operations for brokers, retailers, and correspondents will be unaffected.
If you have real estate loans already in progress with Origen, they will be processed through our Texas funding group, subject to clearing all stipulations and conditions. You can get updates on their status as well as discuss any outstanding requirements by calling (877) 998-9090.
If you received a Wholesale Quick Look approval prior to January 8th, 2007, you have until January 16th to get a complete packet faxed to (888) 855-4326. You can get updates on their status as well as discuss any outstanding requirements by calling (877) 998-9090.
For your future manufactured housing real estate applications, we suggest you work with one of Origen’s Correspondent partners:
Also per Brokers Outpost comes the following comments: Have they closed their doors???? Anyone taking over their loans???
Tuesday, January 09, 2007
Another one?
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14 comments:
Looks like credit is getting a little tight!
Subprime is dropping like flies.
I hear Colorado is making 100% stated illegal. Soon other states will follow.
Wow ,I was just saying that sub-prime low down loans should be outlawed . Its a good thing if they are made illegal because they were really stupid loans .
That being said ,there goes more potential buyers from the buying pool for this spring .
http://www.speculativebubble.com/housing/
Thanks mozo!
UPDATE:
http://www.housingwire.com/2007/01/10/origen-shutters-wholesale-lending-division/
Origen Shutters Wholesale Lending Division
In the latest of a string of wholesale lenders to make an exit this month, Housing Wire has learned that Southfield, Mich.-based Origen Financial said late Tuesday that its wholesale lending division has been shut down.
The company specializes in manufactured housing loans.
A notice posted Wednesday on Origen Wholesale Lending’s website said that the company will be transferring its wholesale operations to select correspondent partners.
The company boasted 260 employees in various locations across the United States, and has originated over $2 billion of manufactured home loans since 1996. Origen’s most recently available financial reports show that the company originated $62.5 million in loan volume during the first quarter of 2006.
Orgien services approximately $1.3 billion of manufactured home loans from its servicing center in Fort Worth, TX.
At press time, the company had not issued a formal statement regarding the future of the rest of its operations, including its servicing platform.
It is my understanding D1 closed offices in Cleveland and Tampa. Cleveland is a no brianer, subprime is running from the state of Ohio, however, Tampa, maybe because Florida is one of the ground zero points for the housing bubble explosion. Don't know?
From a poster on Ben's Blog.
THIS JUST IN: I heard Decision One Mortgage (affiliated with HSBC) is closing down 6 out of 12 branch offices. The closings should occur end of Feb or beginning of March.
Interesting thing is, the woman working there that told me the news said she’ll most likely end up working with a friend at FirstNLC, another subprimer.
Only six more offices left for D1 and then they are toast. Maybe D1 should reflect and understand that they need to go away.
Thanks Perfect. I will see what else is out there...
My theory is that in 2003 ,right when the market should of contracted ,is when the sub-prime market went into the fraud overdrive in conjuction with realtor hype to keep the party going .
Sure Greenspans low interest started the housing boom and kept it going for a while ,but it would of started capping out in mid 2003 had it not been for realtor myths and sub-prime fraud that pushed market into a bizarre speculation mania .
I believe the government and lending regulators were just a little slow in finding out that sub-prime had turned into massive fraud loan packages, combined with a mania based on realtor myths .
Changed the blog skin huh? Now I have to go make you a new icon :)
And thanks for the link!
speculative-
Sorry. I was forced to update to the new blogger and I couldn't find my old one.
Thanks for linking my stories!
:)
http://www.famtg.com/default.asp?Mode=DirectoryDisplay&id=1&DirectoryUseAbsoluteOnSearch=True
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