National City

Dyn-o-mite! Joined: 30 Nov 2007 Posts: 279

Just to clarify is it the entire wholesale operations or is it just Home Equity?

Any other major players announce that yet...just waiting...HAPPY NEW YEAR!

Posted: Mon Dec 31, 2007 5:32 pm

looks like their Wholesale is going!

I want you to hear it from me first, I have just come off a VERY unexpected conference call announcing our exiting the wholesale channels.

I am speechless for words at this time as we in no way saw this coming, but when you hear it on the streets, it is true.

My last day with National City Mortgage we are told is March 15th 2008 as we will be honoring all current pipelines in place.

You will see official announcements later today.

Thank you to all for the great friendships and relationships forged in my over 3 ½ years acting as your account rep I have enjoyed working with you all!!!

Take care and have a blessed New Years J

Rhonda Jordan,
Account Executive
National City Mortgage

Flash in the pan Joined: 12 Dec 2007 Posts: 45

I know for fact---National City is gone from wholesale as of today (the Ae's were let go today)----there will be more that follow---I predicted National City will fall---I think SunTrust will be next on the wholesale side. I also know that Countrywide is not going anywhere---from what I have been told is that they will be a bank and will be running everything through the bank---it will be much easier---I wish I was wrong about my predictions---2008 could be the last straw---and no I don't work for Countrywide--

C-4 Joined: 19 Jul 2007 Posts: 1468

CW is moving all loan originations to CW Bank because they have run out of financial resources. Borrowing money from the Atlanta Federal Housing Bank is expensive. The cost associated with it impacts the bottom line directly.

Their rating at the market is NEAR JUNK STATUS. That means they are a HIGH RISK, when it comes to being able to pay back the money they do borrow. (hence a higher % rate= higher expenses )

Don't you remember 2 months ago them pleading with the ratings firms not to drop them down to JUNK!

So right now, the only place they can effectively get money from is - from themselves. CW Bank.

The Bank is pushing short term(30-90 day) CD's at 5.25% while other banks are still at 2%. CW is trying to raise as much money as quickly as they can.

And no --- I don't work there either! LOL

Cherry Bomb Joined: 28 Jul 2007 Posts: 167

I just spoke to the "A" paper National City wholesale branch in Phoenix Arizona. It is true. As of 9:30 AM this morning, they have announced that Wholesale is not accepting any new submissions. They will be around technically until Mar 1 to fund out the pipeline of any files already there. There appears to be some uncertainty about advance locks not yet delivered.

602-265-3355

Flash in the pan Joined: 15 Nov 2007 Posts: 74

RMA - curious why you say Suntrust next???????

Is it due to the fact that products were tightened up? You also state Countrywide is not going anywhere? Where do you get your info? They are using the bank because thats all they have left....

C-4 Joined: 19 Jul 2007 Posts: 1468

Working thru the WARN notice (60 days!)

C-4 Joined: 19 Jul 2007 Posts: 1468

Rhonda,

My prayers are with you! Hang in there.

How many people does this effect?

Dud? Joined: 18 Dec 2007 Posts: 6

Banker0679 - u copied an e-mail that Rhonda sent out this morning - how did u get it being in the Carolina's?

Flash in the pan Joined: 12 Dec 2007 Posts: 45

One More Thing-----well is doesn't take a rocket scientist to figure out that most banks and lenders ratings are not rated high at the current moment. But thanks for your financial wisdom. I do know some inside info on Countrywide and they will be around because they are a bank---and will be Countrywide Bank as of January 15th. Thay are not going anywhere. As far as SunTrust goes, I have been hearing rumors and yes they are just rumors--that they will exit wholesale some time in 2008---I know a rep who is closing a good amount of business(top producer) and she is skeptical they will be around as well. Most lenders will exit wholesale in 2008 and there will only be a few remaining. Again, no ties to Countrywide but they will trim it down and survive because thay are a bank. I also think that most mortgage brokers (companies)who have survived thus far will fall. If you can get by on not much money than you might be able to make it---if you need to make good money---it will be very tough----sorry to hear about that Rhonda---I hope you find a good job soon