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Integrityfininc
Flash in the pan


Joined: 31 Aug 2007
Posts: 29

Accredited Shut Down
PostPosted: Wed Jun 04, 2008 7:36 pm Reply with quoteBack to top

Effective immediately Accredited has shut down... according to an email from my AE
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oldschoolmortgage
Dud?


Joined: 21 May 2008
Posts: 22

accredited
PostPosted: Wed Jun 04, 2008 7:59 pm Reply with quoteBack to top

This is confirmed, effective imm
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FIXMYLOAN
Consigliere


Joined: 27 Dec 2007
Posts: 4684
Location: Jersey

Re: Accredited Shut Down
PostPosted: Wed Jun 04, 2008 8:31 pm Reply with quoteBack to top

ml-feedback@ml-implode.com has been informed -

Lost a good AE today.

FML

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AnonBear
Dud?


Joined: 01 Jan 1970
Posts: 4

Re: Accredited Shut Down
PostPosted: Wed Jun 04, 2008 9:26 pm Reply with quoteBack to top

Lone Star shut down AHL after buying Bear Res. All off AHL's sr. managemt were sent packing, effective immediately. Don't know who is left over there, if anyone.

Last Friday, the old Bear Res cleaned house and many of us were relieved to have some closure. We got good severance from JPM - the people left at Bear Res (or AHL) might not be so "lucky" if this is how Lone star operates. Crying or Very sad
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Loanshark
Dud?


Joined: 13 Jul 2007
Posts: 18

AHL EMAIL TO BROKERS
PostPosted: Wed Jun 04, 2008 9:43 pm Reply with quoteBack to top

Dear Valued Brokers,

In recent months, the associates at Accredited Home Lenders, Inc. (Accredited) have made great strides to carry the Company through the challenging business climate our industry is facing and to position Accredited for a successful future. Today, we will be taking steps that will further enable us to allocate our resources in the most efficient manner possible with minimal disruption to our brokers.

Accordingly, Accredited's operations centers in Orange, California; Beaverton, Oregon; St. Petersburg, Florida; and Woodcliff Lake, New Jersey will be closing today. Loan files currently on site at these locations will be expedited to our Headquarters in San Diego, California, where they will continue to be processed with the high levels of service you have come to expect from Accredited. We are committed to working diligently toward ensuring there are no delays in the underwriting, closing, or funding of these re-routed files, or the files currently in process in San Diego.

Accredited will be providing brokers affected by these closures with more specific information and contacts in the San Diego office this afternoon. As always, we appreciate your business and look forward to continuing a successful partnership in the future.
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FIXMYLOAN
Consigliere


Joined: 27 Dec 2007
Posts: 4684
Location: Jersey

Re: Accredited Shut Down
PostPosted: Wed Jun 04, 2008 10:14 pm Reply with quoteBack to top

Apparently, something else is also in the works - stay tuned...

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Rolo Tomasi
C-4


Joined: 10 Dec 2007
Posts: 1128
Location: Texas

Re: Accredited Shut Down
PostPosted: Wed Jun 04, 2008 10:25 pm Reply with quoteBack to top

I didn't realize they were even still around...

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lottopol
Dud?


Joined: 05 Jun 2008
Posts: 7

Re: Accredited Shut Down
PostPosted: Thu Jun 05, 2008 8:45 pm Reply with quoteBack to top

Bear Res is now a subsidiary of Accredited. It looks like Lone Star is consolidating both operations under the AHL name and will be concentarting on FNMA product. I would not call that "imploding" or "shutting down" rather it is rationalization
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Robin
Sentinel


Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

Re: Accredited Shut Down
PostPosted: Thu Jun 05, 2008 9:59 pm Reply with quoteBack to top

lottopol wrote:
Bear Res is now a subsidiary of Accredited. It looks like Lone Star is consolidating both operations under the AHL name and will be concentarting on FNMA product. I would not call that "imploding" or "shutting down" rather it is rationalization


Please read our definition of implode once again. Bear Stearns was a fire sale, and Accredited shut down all ops (including retail) last year - prior to Loan Star's acquisition. Bear/JPM has yet to make public the sale of BSRM to Loan Star, and Accredited's contraction this week was nothing short of drastic.

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always 1/2 full
Dud?


Joined: 23 Feb 2008
Posts: 5

Re: Accredited Shut Down
PostPosted: Thu Jun 05, 2008 10:19 pm Reply with quoteBack to top

Nothing short of drastic is an understatement. In layman's terms: Lonestar is consolidating the 2 companies to operate under the AHL name, but will have the senior execs from BSR run the operation. I was one of the MASS terminations yesterday, and was a long term AE for AHL. The backbone of AHL was stripped away, and now we have to standby and watch the BSR execs run the name that we were proud of, for so many years, into the ground. Nice move Loanstar, you could at least have changed the name so that all of the true AHL employees dont have to be associated with the "new" AHL. By the way, 2 weeks of remaining benefits is not nearly enough time to try and get my 3 kids in for their annual check-ups.....but once again, a classless move, by a classless organization that is LOANSTAR.
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