Discussion on Superior Mortgage Corp - Wholesale

Schumpeter Reincarnate Joined: 24 May 2008 Posts: 46255

http://ml-implode.com/imploded.....01-19.html

Dud? Joined: 19 Jan 2009 Posts: 1

Let me be the first to say I have been doing business with Superior for many years. I know the principals of this fine company very well and am confident this temporary action is a prudent move in this very difficult market. Your sources say that wholesale is their bread and butter. That is quite an exageration since I know that it is less than 20% of their production. They are a retail referral driven company and wholesale was a small part. They choose their brokers very carefully and only work with solid companies. If they decided to temporarily halt wholesale it's more than likely because their retail origination is doing so well and with the recent surge in volume they do not want their service levels to suffer.

Dud? Joined: 03 Oct 2009 Posts: 3

I think it's a little unfair that Superior is on the "implode" list. This company certainly hasn't imploded; instead they made a reasonable strategic decision to [i]avoid[/i] imploding. With all the wholesalers gone, and brokers desperate to move their pipeline of cr*p (the same cr*p that poisoned the other lenders stupid enough to create the product in the first place), it's probably just not worth their time to sift through the junk trying to find a good loan or two. They decided to concentrate on their very successful core business and not get sidetracked by a small blip on the radar. How many companies have the foresight to say 'no' to more business? I've known Steve, Brian and George for many year and this isn't the first time they have made a smart business decision that others would not have had the courage or integrity to make. For example, when net branching became all the rage, they saw very early on the risks of putting originating managers a virtually uncontrolled environment, and overcompensating them for a no-risk job. They stayed away from the big money trend and chose a safer alternative. They are one of very few that has survived with their reputation untarnished, and they deserve every bit of success they have earned.