I thought they had already gone belly-up like all the other sub-prime lenders, but they were still duking it out and trying to stay solvent. Unfortunately, there is absolutely no secondary market for these types of loans, so they basically have no product to sell. FHA is the only sub-prime game in town now, until they fail.
I put one loan thru Accreditied. It was a total nighmare. after that mess, I said I would never use them again. These Underwriters do it to themselves and their companies. They put stupid conditions on good loans. Thus , pissing the clients and brokers off so they don't get used again. When a lender makes the Broker look unprofessional, it doesn't work. Whats funny the underwriters, and management team will just get recycled to a new start up company. That company will close its doors too. CEO's don't just hire the first person that comes to the door. actually interview them. get a Broker review going. Some wholesale people should just be selling cars. woops, they are closing down too. My bad.
I have been in the business for over 10 years and have seen so many wholesalers come and go. You can tell if someone is going to survive by the first loan you put through them.
I think the next wholesaler to go will be Wellsfargo. Their underwriting is a total nightmare right now. The wholesale management is running around right now with their head in the ground and their tails between their legs. They have been closing 300 loans a day. This sorta really sucks considering the country has sooo many states and trillions of dollars worth of business. Everything is automated too. How bad is that.When the president of Wellsfargo goes on to Bloomburg and says we took in 190 billion worth of loans and closed 110 billion. that is really bad.
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