Thanks to rebear for the tip
From Brokers Outpost:
Here is the e-mail I just recieved:
INTEROFFICE MEMORANDUM
To: All Ivanhoe Mortgage Employees
From: John Cassell
Date: February 26, 2007
Subj: Closure of the Ivanhoe Division
Over the past several months we have informed you of the struggles Central Pacific has had with retaining adequate cash to fund its operations. Those struggles have continued to worsen and I regret to inform you that the Company is unable to fund the end of month payroll for the Ivanhoe Division.
As a result, Ivanhoe Mortgage will be closed, effective today. Funding of Ivanhoe loans will not occur today or in the future.
I’m sorry.
_________________________________________
Here is the resume of Mr. Cassell:
JOHN E. CASSELL, Executive Vice PresidentIvanhoe Division Manager John Cassell has over 26 years of financial experience. He began working with Central Pacific Mortgage in 1994 as Senior Vice President and Chief Financial Officer. As Senior Vice President, John has overseen all operation and administrative departments including human resources, compliance, payroll and technology. As a result of our recent acquisition of Ivanhoe Mortgage, John has been appointed to his current position as Ivanhoe Division Manager in which he will be responsible for the retail production, wholesale production, operations and administration of the Ivanhoe Division. He has held numerous management posts at financial institutions throughout California.
The University of California-Berkeley graduate is a member of the Mortgage Bankers Association, California Mortgage Bankers Association and the California Association of Residential Lenders. He is also a member of the Robert Gordon Sproul Associates, a “Bear Backer” of the University of California-Berkeley and a lifetime member of the California Alumni Association.
Cassell resides in Orlando, Florida, and has two children.
From his company website
Monday, February 26, 2007
Ivanhoe Mortgage
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12 comments:
Looks like a tiny one? Those guys pop every day, usually unnoticed.
Here's how they describe themselves on their website:
Ivanhoe Mortgage. is a well-capitalized, full service mortgage banking firm specializing in the origination, purchase, sale, and servicing of residential mortgage loans. The company is headquartered in Orlando, Florida, with retail branch offices throughout the Eastern United States.
Ivanhoe is a significant player in the mortgage banking industry with mortgage loan production in excess of $2 Billion annually. The Company employs over 300 mortgage professionals whose ability, experience, intelligence and character are unequaled in the industry.
http://www.ivanhoemortgage.com/aboutus_background.htm
It sounds like "well funded" may have been a bit of an overstatement
Above should have read "well capitalized."
"It sounds like "well funded" may have been a bit of an overstatement" - LMAO!
What about the other comment - "mortgage professionals whose ability, experience, intelligence and character are unequaled in the industry." - Unequaled? They seem to be meeting the same fate as their other mtg companies.
$2 bllion is not a tiny one to me.
Hey Crispy, can I interview you about your blog? email me if interested... great stuff going on here.
www.noveltown.net/blog
nl@nlbelardes.com
Central Pacific Mortgage Acquires Ivanhoe
Increases Business, Expands Presence on East Coast
FOLSOM, Calif., March 1 /PRNewswire/ -- Central Pacific Mortgage (CPM), a
national mortgage banking firm, announces it is acquiring retail branch
offices, the wholesale production platform and the current operations center
from Ivanhoe Financial, Inc. based in Orlando. The company will operate as
Ivanhoe Mortgage, effective March 1, and maintain the current offices in
Orlando.
"In the past, Central Pacific Mortgage's primary focus has been on the
West Coast. Ivanhoe has a great footprint on the East Coast and will allow us
to increase our presence there," says John Courson, President and CEO of
Central Pacific Mortgage. "To that end, we have decided to keep the Ivanhoe
name because it is well known and highly respected in that part of the
country."
The acquisition of Ivanhoe's mortgage production operations will
substantially increase Central Pacific Mortgage's presence in the East and
Southeast. Ivanhoe currently has 19 retail branch offices and the wholesale
production platform has Account Executives operating in Florida, Georgia,
North Carolina, South Carolina, Virginia, Maryland, District of Columbia, New
Jersey and Pennsylvania. It will also increase Central Pacific Mortgage's
current business by 50 percent. CPM's growth strategy includes expanding
Ivanhoe's current production network by aggressively selecting and opening new
retail offices in the eastern U.S. and growing its wholesale business by
adding account executives.
CPM will introduce to the Ivanhoe production network several mortgage loan
product offerings including Alt-A, subprime and reverse mortgages, that will
allow it to boost its originations. In addition, all of Ivanhoe's retail
branch offices and mortgage brokers will have access to CPM's proprietary
technology that includes pricing and product software. They will obtain
admission to its production portal, My CPM that features rates, products,
pertinent forms and other key information.
"I'm excited to make this announcement as it's a perfect fit for Central
Pacific Mortgage. The retail and wholesale divisions' operations and
philosophies are almost identical to our organization. It's like a hand
fitting into a glove," states Courson.
"We're proud to be joining Central Pacific Mortgage, a like-minded
organization and I am confident that our customers will continue to enjoy
great service and robust products," says Paul Reich, President and CEO of
Ivanhoe Financial, Inc.
Ivanhoe was represented in the transaction by the Stratmor Group. Terms
were not disclosed.
About Central Pacific Mortgage
Since 1977, Central Pacific Mortgage has been helping brokers, small
mortgage bankers, retail branch managers and experienced loan officers excel
at generating new business.
Headquartered in Folsom, Calif., Central Pacific Mortgage originates,
closes, funds and sells residential mortgage loans.
Approved by Fannie Mae, Freddie Mac, FHA, VA and numerous private
conduits, Central Pacific Mortgage funds loans with its own line of credit and
sells loans in the secondary market. It funds FHA, VA, conforming and jumbo
conventional loans. In addition, Central Pacific Mortgage funds expanded
criteria products as well as bond program loans and specialized programs for
first-time homebuyers.
For additional information on CPM call 877-353-1616 or log-on to
http://www.centralpacificmortgage.com .
"the Company is unable to fund the end of month payroll"
Thats nice to know for the employees!!?!?
Really Im happy to see every sub-prime lender go down the tubes .
I was an employee of CPM/Ivanhoe Mortgage. I haven't seen anywhere yet where it has been disclosed that the sorry leaders of this company have stolen the funds from the 100 branches the operated under it. Funds were to be held in seperate accounts to be used for branch payrolls and expenses. It was our money. They also took the money that was to pay for our insurance policies and has now allowed the policies to lapse., with no COBRA offered. In there last "MEMO" Courson states that they have keeping us informed all along about money troubles, but doesn't say that he has been saying how well the transition was going and that it would be a seamless transition. This executive group has mislead, literally robbed it's employees, including the last payroll. They promised employees at the Orlando Ivanhoe Division severance packages but of course lied about that. I have never seen such a bunch of cowards in the business world as John Courson, John Cassell, Ed Fuchs, Paul Reich etc... Now they hide. If you happen to become an employee of any of these people in the future, BEWARE. They will steal from you and smile about it. Hopefully the law will catch up with them on this fiasco. Anyoe looking for anymore info on this situation can email me at don@greatchesapeake.com
Don-
Thanks for the comments, I wish you the best.
I am forwarding your comments to some reporters, they might ignore them, but at least it will be out there!
As a former branch manager of Central Pacific I can not believe what has happened. My wife and I manage a branch that had around $60,000 in retained earnings. That was my money and now its gone. We have both lost our jobs and our nest egg. The company should have seen it coming,(I bet they did) and shut down and let us go on our way with our money. Some branches lost alot more than ours. I think its criminal but who knows what if anything they will pay
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