Discussion on Ace Mortgage Funding, LLC

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 46246

http://ml-implode.com/imploded.....10-24.html

Cherry Bomb Joined: 13 Feb 2008 Posts: 182

Good riddens to them. One more boiler room, guido operation down the drain.

Dud? Joined: 25 Oct 2008 Posts: 2

You must be a struggling competitor or an old employee that couldnt hack it.. It might be useful for you to think of all of the people who lost thier jobs that put 110% into that company. Grow up. I left Ace a year ago, but I hold no resentment for the company that gave me my wheels in ths business. Good luck to all of you!

Posted: Sat Oct 25, 2008 4:18 pm

There are more comments in the “Discussions” link above where you’ll find more comments.

Cherry Bomb Joined: 13 Feb 2008 Posts: 182

loanzilla wrote:

You must be a struggling competitor or an old employee that couldnt hack it.. It might be useful for you to think of all of the people who lost thier jobs that put 110% into that company. Grow up. I left Ace a year ago, but I hold no resentment for the company that gave me my wheels in ths business. Good luck to all of you!

Uh...yeah...ok. You take your training wheels and little helmet and scoot on. Ovbiously your head was/is either in the sand or somewhere darker and a little South.

Another poster put it quite succinctly...."Glen Gary Glen Ross"...I just liked the movie, "Boiler Room" more and it fits Ace to the tee.

You left? Or were asked to leave? I'm at the same place I've been for a while rookie. In my own shop closing loans.

Dud? Joined: 26 Oct 2008 Posts: 2

It was sad to see Ace go, not a bad place to be - just not in this market. The real scary thing is the 2 senior people already have a federally chartered bank ready to start-up in the next week from the ashes of Ace. Unbelieveable.... To all those displaced, if you can get through this difficult time in the business, I truly believe the other side of the rainbow is filled with sunshine and even gold Cool

- if you got the guts to stay in it... A good portion of the business will always be there - even at 75% of the volume with 50% less people to compete with - I will absolultely take those odds....

Dud? Joined: 26 Oct 2008 Posts: 2

It's really sad to see them go... Things were so great in 04 to 07... 07 is when we started to feel some of the troubles.. We use to process at least 100 loan between 2 or 3 processors... I'm just glad that I listened to my husband and left right before they decided to let their processors go... I feel for the ones that I still know that were working for ACE..

Hope everyone is well... God Bless!!!

Rich Hall and Paul are very smart men and they will return...

Dud? Joined: 27 Oct 2008 Posts: 2

Ace in theory and a better market would thrive. When they sprouted up in Illinois presentation was all visual. Impressive really. Not so fortunate was the choice of actually using mentally dented infants run the show. I mean drunken stoopers at work? Emblematic of the driving force behind it really. There should be no surprise that Ace is suffering law suits and closing down. Apes at the helm leads to a zoo like atmosphere. How do you run down a mortgage office with what looked like no limit on spending to draw business? Ace has turned into a valuable case study for how not to run not just a mortgagae office really any office.

Dud? Joined: 25 Oct 2008 Posts: 2

Interesting that you jump right into attacking me as though I was the reason for your failure. Anyone that rejoices in the pain of others is disgusting.

The thing about the training wheels is cute though...My applause.

I left voluntarily as an answer to your question.

As for placing my head in the sand or in a place darker an further south.. I stress again grow up.

I am also not concerend with your thoughts of my tenure and what I have and have not done...my repuation speaks for it self, and I dont see necessity in defending my self to a low life loan broker who was the first to pick at the corpse of over 1000 peoples careers and income.

Grow Up.

Yours,

Scooter

Dud? Joined: 27 Oct 2008 Posts: 6

formeraceace wrote:

It was sad to see Ace go, not a bad place to be - just not in this market. The real scary thing is the 2 senior people already have a federally chartered bank ready to start-up in the next week from the ashes of Ace. Unbelieveable.... To all those displaced, if you can get through this difficult time in the business, I truly believe the other side of the rainbow is filled with sunshine and even gold Cool

- if you got the guts to stay in it... A good portion of the business will always be there - even at 75% of the volume with 50% less people to compete with - I will absolultely take those odds....

Yes, at American Bank in DC/MD. Why is that a scary thing though? I am simply curious.