Saxon Mortgage (Saxon Capital) - Did they implode?

Flash in the pan Joined: 17 Aug 2007 Posts: 67

I just read an article that said that Saxon Capital (owned by Morgan Stanley) shut down it's wholesale headquarters located in Richmond, VA in October.

I know they recently bought Novastar's portfolio, but I was curious if anyone knew if Saxon was still originating loans? I didn't see them on the implode list. I know they shut down the retail a while ago, and the correspondent a few months ago, but I thought they were still originating wholesale.

I"m wondering if the article was misleading or if that is in fact accurate and they are done. Any info. would be great.

Posted: Mon Dec 03, 2007 5:47 pm

At this moment they have not imploded. I have a good friend that works there. I forget the whole story but the center closed was not necessary based on the current loan volume. I believe Saxon picked up a lot of the personnel from FRemont down in Tampa where they have another ops center.

Saxon is trying to break into the more conforming market as they rolled out a fannie product in the last 60 days. They are also talking about an exclusive deal with Freddie Mac that they are working on.

I do know that there loan volume has fallen off to almost nothing. I would imagine after the very large 4th quarter losses projected by Morgan Stanley everyone over there is a tad bit nervous.

Flash in the pan Joined: 17 Aug 2007 Posts: 67

Thanks for the info. Seems strange that they would shut down the Richmond Ops since that is where the HQ is. If their plan is to try to survive by breaking into conforming, that is going to be one tough road to hoe.

Posted: Mon Dec 03, 2007 6:13 pm

yeah honestly I don't see much hope in that strategy. I've tried to send some biz over that way as I"ve known they guy for more than 10 years but they just aren't competitive.

Morgan Stanley has some tough business decisions to make.

Posted: Mon Dec 03, 2007 6:25 pm

We have two emails we are following up on:

"Saxon shut down is eminent, will shut down all wholesale and keep loan servicing in Texas. As of now 40 loans done in the month of November."

And:

"We just got word that Saxon is shutting down their sub prime and going strictly conforming."

They have not been confirmed at this time. We are looking for more information. The above should not be relied on at this moment.

Dud? Joined: 22 Dec 2007 Posts: 4

Jeez, how long can someone stay alive on life support ... pull the plug already will you! Your rates suck and you have no programs.

I think Morgan Stanley (parent company) needs to either find some balls or crawl into bed with Bank of America and the rest of the pethetic sell out losers.

Dud? Joined: 14 Jan 2008 Posts: 7 Location: USA

Tick-tock
Tick-tock
Tick-tock

Posted: Sat Jan 19, 2008 12:09 am

Randall wrote:

We have two emails we are following up on:

"Saxon shut down is eminent, will shut down all wholesale and keep loan servicing in Texas. As of now 40 loans done in the month of November."

And:

"We just got word that Saxon is shutting down their sub prime and going strictly conforming."

They have not been confirmed at this time. We are looking for more information. The above should not be relied on at this moment.

Saxon originated the loan that I got. My FICO was just below prime and I needed a lot of cash out, so I ended up in a nonconforming deal (albeit at a fixed rate).

Not surprised that they're going down. My LO was clueless.

Posted: Sat Jan 19, 2008 12:13 am

next time.. call me Bill LOL

Posted: Sat Jan 19, 2008 12:33 am

icenvegas wrote:

next time.. call me Bill LOL

Next time....My FICO is 295.

And I'm OK with calling the apartment manager instead of the dude at Home Depot.