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Randall
Batman


Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California

MortgageIT closures?
PostPosted: Thu Nov 01, 2007 8:17 pm Reply with quoteBack to top

We're getting reports of MortgageIT closing up to 25 offices across the country. If you have any info if one is closing in your area, could you post please?

Thanks

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Randall
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Bulldog
Cherry Bomb


Joined: 05 Oct 2007
Posts: 188
Location: U.S.

Re: MortgageIT closures?
PostPosted: Thu Nov 01, 2007 8:45 pm Reply with quoteBack to top

You mean new closings? 'Cause Detroit closed a week or four ago, but you knew that right? Or maybe it "technically" just had the last employee leave today, so it's confusing? You're scaring me, Randall!

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Dolphin1
Dyn-o-mite!


Joined: 20 Mar 2007
Posts: 302
Location: In

Re: MortgageIT closures?
PostPosted: Thu Nov 01, 2007 8:58 pm Reply with quoteBack to top

Have not heard this from my sources but double checking.
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Randall
Batman


Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California

2 more
PostPosted: Thu Nov 01, 2007 9:09 pm Reply with quoteBack to top

Okay... Austin and Houston are on the list

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Randall
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loansolutionsguy
Flash in the pan


Joined: 20 Mar 2007
Posts: 63

Re: MortgageIT closures?
PostPosted: Thu Nov 01, 2007 9:17 pm Reply with quoteBack to top

My sources tell me NO. They have consolidated down to 25 offices!(Had 39 at the top of the game)

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Dolphin1
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Joined: 20 Mar 2007
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Re: MortgageIT closures?
PostPosted: Thu Nov 01, 2007 9:21 pm Reply with quoteBack to top

Loansolutions: My sources agree with yours.
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Dolphin1
Dyn-o-mite!


Joined: 20 Mar 2007
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Re: MortgageIT closures?
PostPosted: Thu Nov 01, 2007 9:22 pm Reply with quoteBack to top

Loansolutions: My sources agree with yours.
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Randall
Batman


Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California

Interesting spin tactics
PostPosted: Thu Nov 01, 2007 9:28 pm Reply with quoteBack to top

This should give you a good idea about what we're up against trying to get to the truth.

Try this on: Suppose all the AE'S at a branch know the news, but are told to keep it quiet or you won't get anymore loans, or it might affect your tenure. Then suppose that bugs somebody, and they are willing to tell the Implode-O-Meter.

Trust me... the AE's know... and some do love to talk.

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Randall

Last edited by Randall on Thu Nov 01, 2007 10:53 pm; edited 1 time in total
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Mike Honcho
Dud?


Joined: 01 Aug 2007
Posts: 7
Location: Arizona

Re: MortgageIT closures?
PostPosted: Thu Nov 01, 2007 10:32 pm Reply with quoteBack to top

From my sources (which are top notch) are saying they are closing all but 6-8 offices nationwide by the end of the year. A lot of the offices have already been closed though. Vegas, Rancho Cucuamango closed yesterday. They have already released or demoted all upper management including the VPs for the Regions. They are keeping the AEs in the area but closing the offices and only using those offices that are open to UW, coordinate and fund those loans.

HAPPY late HALLOWEEN everyone =)
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Dolphin1
Dyn-o-mite!


Joined: 20 Mar 2007
Posts: 302
Location: In

Re: MortgageIT closures?
PostPosted: Thu Nov 01, 2007 10:56 pm Reply with quoteBack to top

While I can't predict for certain if they will close more offices in the future (I don't personally know the CEO), I can tell you that there are a lot of managers there that would be surprised that they have been demoted without being told.

Sales Managers were made AE's in August, so that is old news. Approximately 50% of AE's were laid off Oct. 1, so that is old news. My sources confirm 25 offices left after today out of an original total of 39, which is in the realm of what they initially advised.

Guess we'll just have to wait and see whose "top notch" sources are really top notch!!
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