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jerzey
Flash in the pan


Joined: 27 Feb 2007
Posts: 76

N/C
PostPosted: Wed Mar 14, 2007 11:22 pm Reply with quoteBack to top

N/C sent us their official email

Dont send us loans go some where else
sorry

that was pretty much it
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: N/C
PostPosted: Wed Mar 14, 2007 11:42 pm Reply with quoteBack to top

I assume this is New Century?
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: N/C
PostPosted: Wed Mar 14, 2007 11:43 pm Reply with quoteBack to top

Here it is:

Effective immediately, New Century Mortgage Corporation and Home123 Corporation are unable to continue the origination or funding of mortgage loans. No new loan applications are being accepted at this time.

To best serve your customers we ask that you place their loans, including those currently in our pipeline, with other lenders. Please contact your account manager immediately to request loans be sent directly back to you. We are simultaneously notifying all closing agents to cancel all closings and to return any funds and original documents to the party or parties who submitted them.

If you are unable to place your loans with other lenders, we will attempt to assist you. However, this will require each of your borrower's consent.

Any questions or request for assistance should be directed to the account executive or account manager with whom you have been working.

We regret having to take this action, and we are hopeful that our current situation can be corrected in the near future so that we can continue to do business with you.
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chickenlittle
Dud?


Joined: 13 Mar 2007
Posts: 18

Re: N/C
PostPosted: Wed Mar 14, 2007 11:45 pm Reply with quoteBack to top

They stopped originating new loans last week.

But today they stopped all fundings also.

So it is over.
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bakersfieldbubble
Dyn-o-mite!


Joined: 25 Jan 2007
Posts: 488

Re: N/C
PostPosted: Wed Mar 14, 2007 11:47 pm Reply with quoteBack to top

Does anyone have a fork?
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: N/C
PostPosted: Wed Mar 14, 2007 11:53 pm Reply with quoteBack to top

I wish they'd just give up already! They're scaring the children!
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: N/C
PostPosted: Wed Mar 14, 2007 11:57 pm Reply with quoteBack to top

do you guys hear that? ... it sounds like a fat lady singing ...

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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Tenn-o-see
Flash in the pan


Joined: 13 Mar 2007
Posts: 38

Re: N/C
PostPosted: Thu Mar 15, 2007 7:43 pm Reply with quoteBack to top

Hmm...maybe NC plans on emerging from this via aquisition. Why else would they have funded loans after they quit accepting new files last week, and then bother to even talk to brokers about their in-house files that had not cleared UW? Why not just go belly up Chap 11 and leave brokers hanging like MLN and Own-it?
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: N/C
PostPosted: Thu Mar 15, 2007 8:04 pm Reply with quoteBack to top

MLN tried to sell itself too -- their financial death played out over a ~2 month span.
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qwopzxnm
Flash in the pan


Joined: 09 Feb 2007
Posts: 95
Location: Irvine, CA

Re: N/C
PostPosted: Thu Mar 15, 2007 8:31 pm Reply with quoteBack to top

So many of these shops should have sold a year or two earlier but management gets so greedy sometimes they forget they can't ride that product forever. Can you even imagine the multiples that Ameriquest/Argent, New Century, and places like that could have gotten a year or two ago?
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