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Dedik8d
Flash in the pan
Joined: 21 Aug 2007
Posts: 79
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CNBC just reported that WaMu was closing 190 Home Loan offices
WaMu will:
Discontinue all remaining lending through its subprime mortgage channel;
Close approximately 190 of 336 home loan centers and sales offices;
Close nine Home Loans processing and Call centers;
Eliminate approximately 2,600 Home Loans positions, or about 22 percent of its Home Loans staff;
Eliminate approximately 550 corporate and other support positions; and
Close WaMu Capital Corp., its institutional broker-dealer business, as well as its mortgage banker finance warehouse lending operation.
http://www.ad-hoc-news.de/Corp.....al,-Reduce |
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Rotag
Wrecking crew
Joined: 01 Nov 2007
Posts: 1583
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Will they eventually close their wholesale? who knows but check this out:
" The resizing of its Home Loans business will be accompanied by an acceleration in WaMu’s previously announced strategy to expand its focus on mortgage lending directly to customers through its retail banking stores and other retail distribution channels." |
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mmdc
Flash in the pan
Joined: 25 Oct 2007
Posts: 78
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Wow. I heard this may happen. I wonder if they will be increasing the Loan Consultants in the actual Financial Centers instead of HLCs.
Isn't broker-dealer business wholesale? Warehouse lending--correspondent?
[quote]Close WaMu Capital Corp., its institutional broker-dealer business, as well as its mortgage banker finance warehouse lending operation. /quote] |
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Randall
Batman
Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California
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On December 2nd we were told the following:
"WaMu closing all Home Loan Centers outside bank footprint – effective 12/3/07" |
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Randall |
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Hackney71
C-4
Joined: 08 Nov 2007
Posts: 1235
Location: Nashville
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| Quote: |
| "Isn't broker-dealer business wholesale? Warehouse lending--correspondent?" |
Broker Business---> they underwrite and table fund
Warehouse Lending---> either can underwrite and Deal gets funded out of their "line of credit" which gets replenished once they accept the loan. Depending on their agreement the broker can fund out of their warehouse line then sell to someone else.
Correspondent---> At least the way we do it... We underwrite... We fund... then they buy it from us. |
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Implode-O-Premium Moderator
everyone can't be on welfare |
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icenvegas
Schumpeter Reincarnate
Joined: 22 Nov 2007
Posts: 3861
Location: Las Vegas
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I just got off the phone with a buddy at WAMU here in Vegas. He's the only guy NOT "let go" out of his office, because he's the top producer this month with 1.7mm.
Another from his office who closed 24mm last year, was terminated today. In Las Vegas, they are combining the remaining staff from the other HLC's to his office, which will be a total of 14 LO's. |
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caramel1982
Dud?
Joined: 13 May 2009
Posts: 4
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t2940
Schumpeter Reincarnate
Joined: 13 Feb 2008
Posts: 5270
Location: cave dweller
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Holy cow, look at the dates on this thread.............. 
Like a vampire coming to life or something  |
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catherine
Demolition Man
Joined: 24 Oct 2007
Posts: 2307
Location: FLORIDA
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| t2940 wrote: |
Holy cow, look at the dates on this thread..............
Like a vampire coming to life or something |
what a great way to put it cause this is Depression II and it is like a vampire sucking the blood out of everyone (no one is going to be untouched before it is over.............
and you are right about the dates, afterall it all started with our industry.............damn......now everyone is coming to our party, wish like h**l it weren't so................. |
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