Discussion on Mortgage Network Inc. - Wholesale

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 220519

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

Dud? Joined: 25 Jul 2008 Posts: 8

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.

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

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!

Dud? Joined: 03 Dec 2008 Posts: 1

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.

Flash in the pan Joined: 13 Jun 2008 Posts: 73

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.

Dud? Joined: 25 Jul 2008 Posts: 8

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.

Dud? Joined: 05 Nov 2008 Posts: 8

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.

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

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.