B. F. Saul is done...I'm so sad!

Posted: Fri Jan 18, 2008 3:40 pm

I really liked this wholesale lender. They had good products & pricing & the customer service was FANTASTIC!!! This is an email that I received from my rep yesterday (1/17/0 Cool

morning. BUMMER!!! Another one bites the dust.

Hello ALL,

It saddens me to announce that BFSaul Wholesale Lending closed its doors yesterday.

The Loan Center in Orange, CA will be available to FUND your files through the end of this month.

The phone number is 714-712-4300.

For all loans that do not close by Feb 1, 2008, they will be ship back east.

Contact information will be made available at that time.

I have no plans on my next business venture as of today.

I will be spending my beautiful days with my 9 month-old son until I catch my breath... =)

I thank you all for allowing me to serve as your account executive... for some of you it's been over 12 lovely years.

I will keep in touch wherever I land but in the meantime, good luck in all your future endeavors.

Posted: Fri Jan 18, 2008 3:46 pm

Wow, how unfortunate Sad

I'm surprised this hasn't been more known until your post today.

Posted: Fri Jan 18, 2008 3:57 pm

Yeah, me too. I would've posted it yesterday but I didn't check that particular email account until this morning.

I'm so bummed. I sent quite a bit of business (when I had it, that is) to them. They were a dream to work with. I never had to wait for a response to any of my questions...I always had access to an underwriter if I had any issues or questions on conditions. The set-up/submission process was a breeze. Their pricing was pretty darn good & they had a wide range of products. I feel for the people that will be losing their jobs. My heart goes out to all of them & their families.

Hey, at least it wasn't at Christmas time! Very Happy

Posted: Fri Jan 18, 2008 4:50 pm

This may be the beginning of the fallout due to the shutdown of Aurora. There are many that sold to them.

Posted: Fri Jan 18, 2008 5:00 pm

Yeah, well since BF Saul is done, Chevy is soon to follow, for sure.

Dyn-o-mite! Joined: 09 Aug 2007 Posts: 281 Location: SoCal

Well, there goes ANOTHER one......I guess I won't get a call-back on that resume I sent............

Posted: Fri Jan 18, 2008 7:58 pm

We reported on them here in the Ailing/Watch List:

http://ml-implode.com/ailing/l.....01-14.html

Any further info that could be provided is always appreciated. YES... we should implode them, but looking for some clarification... get your AE to email us at the Implode-O-Meter, or PM me.

Flash in the pan Joined: 09 Oct 2007 Posts: 62

Randall wrote:

We reported on them here in the Ailing/Watch List:

http://ml-implode.com/ailing/l.....01-14.html

Any further info that could be provided is always appreciated. YES... we should implode them, but looking for some clarification... get your AE to email us at the Implode-O-Meter, or PM me.

Have we heard anything as far as Chase Conduit?

Posted: Sat Jan 19, 2008 3:20 am

I haven't heard anything. The only email that I have for my AE was a corporate email address. I sent her a condolences email but I haven't heard back from her. Her phone just rings & rings. As soon as I get ahold of her I will see if she's willing to give me any information & pass it along to you. Very Happy

Dud? Joined: 17 Jul 2007 Posts: 17 Location: SoCal

They are done. I was recruited over in July and was let go in september eventhough I was in the top 15. We were told Mr Saul was losing 2 million poer month back then. Last hired, first fired. I have a couple friends that were there. They were all let go on tuesday morning.

The people running this company are about as stupid as they come. The Option Arm has the same stigma as a subprime loan and they did absolutely nothing to promote any other product.

I brought up a few key points to the VP when I was let go and I brought up the following to him when I alsed him why was Mr Saul was losing so much:
1. Mr Saul is funding all this himself. All they did was Option Arms. So that meant he was lending all his own money at 1-2%. This means he was taking money out of accounts that were earning him 7-8% at least. That means he was losing 6-7% on EVERY loan he was funding
2. All the loans had 1-3 year prepays. Since BF Saul had only been open for 10-11 month (not since 1892 as the mgr would like to tell us every week) no one had refinanced to be able to get Saul any more capital.
3. Even though it was portfolio lending, Saul still needed to sell some loans off to have some working capital or all of his assets would be gone. The problem is there was no appetite for Option Arm loans anywhere. Saul was funding 110-120 million per month. His money was running out.

His reply was "You make a good point."