Sunday, April 01, 2007

Mortgage Tree Lending?



The following is an email from a reader regarding Mortgage Tree Lending:

"News for you, Modesto based Mortgage Tree Lending shut it doors Friday, March 30th. Mortgage Tree has two net branches in Bakersfield, and additional offices throughout the US. (50+)"

44 comments:

Merced "Going Quickly" said...

Let us know if you hear anything on this Monday morning.

Beth Cheatwood said...

Odd, I am here, doing business as usual so don't know who or why this would be on this website....

Bakersfield Bubble said...

This wouldn't be the first time someone said there company was fine and they were doing great.

Leslie Adams said...

I am at work today, and part of the reason this info is wrong is that we have THREE BRANCHES IN BAKERSFIELD all up, running, doing loans, and conducting business, obviously some people have nothing better to do than try to start rumors.

Dana Worthington said...

Obviously the original blogger does not have their facts verified before posting. MTL does not have 2 local net branch operations, they have THREE!!! I, Dana Worthington, happened to be 1 of the THREE local owners. We are all operating today and will continue our business as usual. I would hope these bloggers would post their names. I can be contacted at 661-377-1420 for confirmation of MTL's continued operation.

Bakersfield Bubble said...

Is this the same Beth Cheatwood who, in the Nov 2005 Focus on Living (page 90)stated "...the market is not going south"??

Bakersfield Bubble said...

Also from that same article, Tim COx stated "The only factor that could send values down is a large manmade or natural disaster."

Bakersfield Bubble said...

Your attempts to pump up the market back then obviously failed!

Bakersfield Bubble said...

Blogs like this one and all others linked on left side of this blog are the only source of information of what is really going on in the real estate industry.

All of this endless pump and dump by REIC members is nothing but cheerleading!

How could Mr. Cox make such an outrageous statement? If he said that in public what was he telling his clients at the closing??

Anonymous said...

most corporate personnel cut on friday, 50% of branches cut too, remainder sold to william j. bradley??? will be business as usual on the outside, total change on the inside, drive through the smokescreen for the truth

Anonymous said...

Who is Tim Cox and what does he have to do with these accusations regarding MortgageTree Lending?

Bakersfield Bubble said...

"most corporate personnel cut on friday, 50% of branches cut too, remainder sold to william j. bradley??? will be business as usual on the outside, total change on the inside, drive through the smokescreen for the truth"

Thanks for the information!!

Anonymous said...

hum, seems to me that is totally different than the original statement of "shut its doors". In the mortgage environment companies are bought, sold, acquired, merged etc almost daily. So what is wrong with that? I think someone is just trying to stir up trouble.....perhaps a former employee who was let go?

Anonymous said...

To answer the ?: Tim Cox is a wonderful Christian man who has been in the mortgage business for quite a few years.

Bakersfield Bubble said...

"Tim Cox is a wonderful Christian man"

Reconcile that with his "disaster" statements?

mtg1 said...

Mortgage Tree Aquired - From the WJ Bradley website... See the 2nd paragraph

Our Portfolio Companies are residential mortgage originators with superior management teams, sustainable competitive advantages, and identifiable value enhancement opportunities. Since January 2005, WJB has orchestrated 10 acquisitions of residential mortgage bankers and brokers. Our Portfolio Companies generated approximately $5 billion in origination volume in 2006 across the spectrum of the A, Alt-A, Alt-B, and subprime product classes. Collectively, WJB’s companies originate loans in 40 states, occupy more than 200 office locations, and employ approximately 1,500 mortgage professionals.


MortgageTree Lending Corporation - 2007
Founded in Modesto, California in 1986, MortgageTree Lending Corporation is a privately held retail originator of residential mortgage loans that acts as both a mortgage banker and broker. In 2006, the company originated $788 million in residential mortgage loans. The company holds mortgage license authority in 32 states, has 390 employees and originates conforming, non-conforming and subprime loans out of its 55 retail branch offices located throughout the country.

Mrs. Dianna Grossman and Mr. Robert Draizen will continue in their positions as CEO and COO respectively, responsible for implementing strategy and managing day-to-day operations. Mrs. Grossman and Mr. Draizen remain owners of the company.
_________________
"What does not kill you makes you stronger"

Anonymous said...

do the homework on william j bradley and see what that tells you... rumor has it they missed payroll as well

Anonymous said...

thank you to bakersfield bubble, have more info, but blog too public, don't be led astray or bullied with propaganda, mlt is another in what will be a long line out the door

Anonymous said...

The reason your all going out of business is you have nothing better to do but blog. Mortgage Tree is alive and well

Anonymous said...

Bakersfield bubble---what article are you referring with regard to tim cox quote, you state "also from the same article" but that is not present in this blog. Can you refer that articel to me?

Webmaster said...
This comment has been removed by the author.
Merced "Going Quickly" said...

Merced "Going Quickly"
Cool! Maybe this is a way to get these people to come in here and answer for all the crap they've dished out all these years!


A Few Questions for Mortgage Lending Tree:

1. How's business?
2. Should I buy in this market?
3. Should I wait till prices go down?
4. Should I wait till I can afford a house?
5. Is real estate prices going up or down?
6. Can I get a liar loan at your office? I have no money down, and I make $1,200 a month, so can you get me my $600K dream home?
7. Do you think it ok for me to get a loan on stated income?
8. Knowing that I cannot afford a house, will you still give me a loan so you can clear commission?
9. How many people in you office apply for loans with 20% down, and a mortgage of 25% of monthly income?



Hello?

Hellooo?


Beth, you still there?

Les, knock, knock?

"I, Dana Worthington," you still there?


Where did they go?


I need a loan?

Mortgage Lending Tree, will you let Crabtree know that I heard his appraising firm was closed today? Yeah, yeah, that's right. And, umm, who else is closed? Crispy and Cole? Yeah, I got an email that they're closed.

Yeah, let's see if they come in here and discuss these rumors with us.

Anonymous said...

Well-quite clear to me this is a Bakersfield Californian supported, inspired--whatever--blog. Now there is a beacon of excellence in our community!!! I have little tolerance for any organization that drags good people through the mud, exposes personal information, etc. all while hiding behind freedom of the press. Coooommooooon! It's about controversy and selling papers!! No, I'm not a fireman-but I do remember!

Bakersfield Bubble said...

"Bakersfield bubble---what article are you referring with regard to tim cox quote, you state "also from the same article" but that is not present in this blog. Can you refer that articel to me?"

_____________________

There is no on-line version - in the Nov 2005 Focus on Living (page 90, from the Bakersfield Californian - Over the years of this bubble I have save hundreds of articles that I knew had total BS quotes in them.

Anonymous said...

WHo is tim cox? With regard to "manmade disaster": Wouldn't the current market with regard to writing "liar loans", speculation from outside Bakersfield driving up values, wallstreet supporting loans then pulling the plug once the fire THEY started gets to hot, buyers doing anything they can to purchase regardless of the risks, etc.-qualify as a manmade disaster? Who did it but man?

Anonymous said...

I too think this is Bakersfield Californian backed. We all know the Californian is a communist paper with journalists who cannot spell.

Anonymous said...

My comment: Bakersfield Bubble is the most negative, cynical, crap stirring, rumor mongering site I have ever encountered. My advice: Get a life!

Anonymous said...

Crap? Crap? Crap? Hey anon,is there a Bubble in the Bakersfield housing market?

Bakersfield Bubble said...

"My comment: Bakersfield Bubble is the most negative, cynical, crap stirring, rumor mongering site I have ever encountered"


Thanks for adding to it (negativity)!

Bakersfield Bubble said...

"My advice: Get a life! "

Censorship??

30% of our market is subprime. Add in the Alt-A (approx 10%) and what the heck is going to happen to our market? Spin that in a positive way? People want and need facts! Thousands visit this site on a daily basis for FREE!

Sorry if you don't like what you read, but 90% of it is just cut and paste from other media sources. Don't come back here anymore - don't let the door hit you in the ass on the way out either!

Anonymous said...

I am not sure about a bubble since that implies a burst-drastic drop in values. I do not think we are seeing that. It looks more like the last half of the frenzy that ended mid to late 2005 was unwarranted and exagerated. I think we will come back to those values and the market will settleout. Are we in a bubble-no. I think the air is being let out of the overinflated tires and we will see a normal market in less than a year or two (what is your definition of normal?). I do see some concern with purchasers doing (having done) things that are (were) financially inadvisable, a possible large number of investor owned units (you would have to ask Crabtree about that one) that might sell (how many renters can we support?), etc. But you look at this market or any other and where you see major value drops you will most often see unemployment issues. Don't think we have that going on here! I think some people are going to get hurt depending on the financing options they selected (or were given without proper explanation) when they purchased, and what they now need to do to fix or adjust things financially. But those issues rest completely on thier own shoulders as we all need to be good stewards of our money.

If you have an ax to grind fine be open and honest abot it-but I do not think tossing insults, quoting others without context, and fostering high blood pressure, is a solution. What are your motives? Don't judge as your judgement will be conciderably more harsh. Go to your source and ask a point blank question instead of using a back water blog. Life is too short for this, my tummy is rumbling and it's a perfect day to fly a kite!!

Anonymous said...

BUBBLE BOY SAID

"30% of our market is subprime. Add in the Alt-A (approx 10%) and what the heck is going to happen to our market? Spin that in a positive way? People want and need facts!"

Where are the numbers from-40% altA and sub-prime-is that a fact? Source?

"Spin that..." Why is that negative?

"People want and need fact"-then give we the people facts.

Sorry-I'm a glass half full kind of guy and like what anon just dasid.

Bakersfield Bubble said...

Last anon - well said.


I have no axe to grind and I have nothing to gain from this. But me and many others have been looking for information on what has driven this bubble(which I believe began in 2003 when the FED dropped rates way to low for way too long) and lending standards dropped below "fog a mirror" levels.

The only available source was the SPIN used by those in the industry. Lots of misinformation (I believe) used simply to generate a commissions. I heard it all first hand listening to this stuff and was sickened the lengths people would go to way a buck off their fellow man.

I started blogging on this two years ago and back then no one believed this mania would ever end. So many locals - especially realtors - made some incredible statements that made ZERO economic sense.

Now that prices are down 8% from the peak in 2005, everyone thinks this is the bottom (btw this is the 10-20th bottom called by the real estate pundits).

I have to agree that this can raise your blood pressure, it does mine. But I think the truth sometimes hurts and burying our heads in the sand will not make the problems go away and more importantly allow many to learn for this specualtive mess.

Bakersfield Bubble said...

"Where are the numbers from-40% altA and sub-prime-is that a fact? Source?"

Have you read any of the posts? There are two posts on this in the last two months.

Bakersfield Bubble said...

""People want and need fact"-then give we the people facts."


Read them and then come to me with something!

Just more BS spin from people in the industry!

Bakersfield Bubble said...

BTW - I know everyone who posts and vists here.

Anonymous said...

I am glad someone knows who i am...becasue day to day I usually have to wonder!!!! And if I do not know who I am, how can you know?

Anonymous said...

It's the IP that tells all! ;)

Anonymous said...

Bubble Boy said...

"I know everyone...."

From what you have said...you don't know me!

lovin' the positive side! said...

anon is a little to pissy for me but I have to agree!

Anonymous said...

Corporate personnel were told the doors were shut, and there was no money left to meet the demands of the warehouse line. Nothing was said about Bradley other than they would take over the income producing branches only. Neither was anyone informed Diana Grossman and Robert Draizen still had jobs. Best wishes to Beth Cheatwood, Art Esparza, Dana Worthington, and the Brouckaerts in Tehachapi.

Obert said...

Hey, I was also told the company was shutting down. I was let go with the other corporate employees and I believe the MortgageTree Lending name will cease to exist very soon. Anyone who doubts this needs to ask why were the corporate employees not given their vacation pay - it's because the company has no money!!! Bradley will take the income producing companies and their employees under their name I believe. That's what we were told anyways. The local offices should survive just fine as they well known and prosperous. From what I understand, business is as usual - so there are no glitches with them operating or funding loans. I hope this clears up some of the confusion?

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