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 Discussion on Mortgage Network Inc. - Wholesale View next topic
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Schumpeter Reincarnate


Joined: 24 May 2008
Posts: 221426

Re: Discussion on Mortgage Network Inc. - Wholesale
PostPosted: Tue Dec 02, 2008 12:38 am Reply with quoteBack to top

http://ml-implode.com/imploded.....12-01.html
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pannagpamp
Dud?


Joined: 25 Jul 2008
Posts: 8

MNet
PostPosted: Tue Dec 02, 2008 6:47 pm Reply with quoteBack to top

i used to use MNet almost exclusively for the longest time. Switched companies about 4 months ago and have been using another lender that had comparable pricing, but MNet almost always beat pricing of my other good lenders. Did their warehouse lines dry up or what happened?

I saw their rate sheets on Monday and 7% was not even paying half a point, so i new something was happening. Didn't expect that they were getting rid of wholesale altogether.
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magillavig
Dud?


Joined: 02 Dec 2008
Posts: 1
Location: southeast usa

Is MNET's Retail as good as flamed out?
PostPosted: Tue Dec 02, 2008 7:46 pm Reply with quoteBack to top

I assume the retail operations of MNET will be following the wholesale/corr circular spiral into the porcelain drain right? Some of the retail guys in the southeast promised to refi all their clients for life......only they didn't know what a neg am million dollar loan does to a guy when the bubble bursts????? Heck of a place to get a treble hook stuck huh? Good luck getting that out!
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lgmoney
Dud?


Joined: 03 Dec 2008
Posts: 1

MNET RETAIL
PostPosted: Wed Dec 03, 2008 2:22 am Reply with quoteBack to top

I heard that Retail will be stronger now at MNET and or Mortgage Network. It is unfortunate that their wholesale is closing but a lot of companies have ended wholesale. being a broker probably isn't the best place to be when more and more companies are ending their wholesale channels. The platform Mortgage Network retail provides is second to none.
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iveseenbetterdays
Flash in the pan


Joined: 13 Jun 2008
Posts: 73

Re: Discussion on Mortgage Network Inc. - Wholesale
PostPosted: Wed Dec 03, 2008 5:47 am Reply with quoteBack to top

Warehouses are gone. Lost two of their three warehouse lines and everything is in limbo. The company was closing a TON of loans and had few, if any, buybacks or remedies. Liquidity crunch killed this one guys, not bad loans out of wholesale.
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pannagpamp
Dud?


Joined: 25 Jul 2008
Posts: 8

Re: Discussion on Mortgage Network Inc. - Wholesale
PostPosted: Wed Dec 03, 2008 3:10 pm Reply with quoteBack to top

iveseenbetterdays wrote:
Warehouses are gone. Lost two of their three warehouse lines and everything is in limbo. The company was closing a TON of loans and had few, if any, buybacks or remedies. Liquidity crunch killed this one guys, not bad loans out of wholesale.


I thought that might have something to do with it. As you said, they didn't do bad loans. I think they got even more conservative than most over the last year or so. But, that has helped them survive in wholesale up until now.
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rlynden
Dud?


Joined: 05 Nov 2008
Posts: 8

Re: Is MNET's Retail as good as flamed out?
PostPosted: Tue Dec 09, 2008 11:34 pm Reply with quoteBack to top

magillavig wrote:
I assume the retail operations of MNET will be following the wholesale/corr circular spiral into the porcelain drain right?


Probably not. MNet has a stellar reputation and quality people from top to bottom.
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NHaney
Dud?


Joined: 03 May 2007
Posts: 2
Location: Tampa, Fl

MNET
PostPosted: Wed Dec 17, 2008 8:14 pm Reply with quoteBack to top

I used them exclusively for 10 years and was one of their first brokers ever to get signed up. I'm really sorry to see them go they did great loans and had very few buybacks. I'm closing my last loan with them right after Christmas. I got great pricing on my lock 5% paying back over a point on a Rural Housing loan.
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