Assured Lending Corp going out of wholesale!

Posted: Wed May 28, 2008 3:00 pm

"Sent: Tuesday, May 27, 2008 5:28 PM
Subject: Annoucement

To All Brokers:

Due to the current market conditions in the mortgage industry, Assured
Lending Corporation has decided to exit from the Wholesale Lending
business effective immediately.

Assured Lending Corporation has had tremendous success in Retail Lending
and will continue to focus our efforts in that direction.

We thank all our brokers for their support and business over the years and
wish you all continued success.

Thank you,
Assured Lending Corporation
1818 Old Cuthbert Road
Cherry Hill, NJ-08034
assured@assuredlendingcorp.com"

PLEASE BE SURE TO CONTACT THE LENDER IF YOU HAVE ANY QUESTIONS OR
CONCERNS.

Posted: Wed May 28, 2008 6:09 pm

Implode posted: http://ml-implode.com/imploded.....05-28.html

Posted: Wed May 28, 2008 7:35 pm

Wow - that's probably another bunch of folks in my area who are now out of work (wholesale AE's, etc.).

Burlington County NJ is one of the East Coast's Mortgage capitals...EVERYONE seems to have a corporate office or presence here, from CENDANT-PHH/GMAC/WELLS/CHASE/IMB/CW/BofA/Worldovia to a bunch of net branchers peopled by former retail folks...

A lot of quality folks vying for an ever-diminishing job pool...

J'ville Florida is in a similar quandary.

C-4 Joined: 10 Dec 2007 Posts: 1454 Location: Dallas

There are something like 60,000 active LO and Broker licenses in TX, and that does not include all the Banker LO's and Big shops that have no licensing requirements.

I love the guys with the stickers on the side of their car.

Spontaneously Combusted Joined: 12 Mar 2007 Posts: 2099

Wow, not even a mention of whether they will honor files already submitted or last day for closing. I guess this was a quick exit.

Posted: Thu May 29, 2008 4:20 am

Believe me, I take no joy in reporting these things.

Posted: Fri May 30, 2008 2:50 pm

They did not honor any loans in the pipeline unless they were cleared to close or in closing already. All other loans regardless if there were locked or not were denied.
I

Posted: Fri May 30, 2008 3:41 pm

IMHO they were always a ham & egg operation. I have several business friends who passed through this outfit...none of them have fond recollections...