Wilmington Finance

Dud? Joined: 18 Mar 2008 Posts: 5 Location: CA

As a previous employee I'm interested in if there's any new news?
Are they still projected to be shutting down come end of April?

Dud? Joined: 01 Oct 2007 Posts: 7 Location: PA

The last rumor I heard has Wilmington shutting down after they finish remediation of the remaining ARM's they couldn't sell on the secondary market.

Dud? Joined: 14 Mar 2008 Posts: 7

Read quickly because last time i posted on WFI the posting diappeared 3 days later.

Here's the story but it's not that much of a secret.

The branches are closing in June not April. Why? Becuase like everything else in their recent history (last 2-3 years) they can't get anything done quickly.

They won't be totally closing WFI because they can't. Their regulator won't allow Am Gen to close them. Why? Becuase they were forced to mediate over 50,000 loans. These were loans that they originated in which customers showed up at the table and their hud fees were a lot more than what was disclosed on the GFE (if one could be found).

They allowed brokers to make anywhere from 5-15% on a loan.
( Broker Fee, Lender fee, YSP, ABA fees)

The only people that will be left behind are the ones that will need to take care of the servicing, compliance and refinancing. Yes refinancing. They have the blood on their hands or should I say of their portfolio of customers in Arms that have prepays longer than the fixed rate period. They also have ARM loans they qualified at start rates, grossed up income, over 55% and aggressive income calulations. - And that was on their full doc loans.

Posted: Sat Apr 12, 2008 1:30 am

It didn't "disappear"... just dropped back in the list off the first page.
http://implode-explode.com/for.....ght=#53609

We're very interested in any info on Wilmington. Email the tip line anonymously. Keep in mind it has to be verifiable with at least one other legitimate source. They are being VERY quiet about goings on.

Dud? Joined: 14 Apr 2008 Posts: 3

i was wondering what's going to happen with Wilmington Finance. It seems to me that it won't be a big loss since there are still lots of lenders around who are more than willing to take it's place.

Dud? Joined: 15 Apr 2008 Posts: 7 Location: Western State

* Chase –Rates up 25 bps
* Citi – Rates Unchanged
* American General – >=680 fico and <=85 ltv up 46 to 102 bps; all other price points up 21 to 31 bps (see grid below)
* US Bank – Rates up 73 bps

Amgen Rate Change Delta:
FICO 70 75 80 85 90 95 100
0 0.21 0.21 0.21 0.21 0.21 0.21 0.21
560 0.21 0.21 0.21 0.21 0.21 0.21 0.21
580 0.21 0.21 0.21 0.21 0.21 0.21 0.21
600 0.26 0.26 0.26 0.26 0.26 0.26 0.26
620 0.31 0.31 0.31 0.31 0.31 0.31 0.31
640 0.31 0.31 0.31 0.31 0.31 0.31 0.31
660 0.31 0.31 0.31 0.31 0.31 0.31 0.31
680 0.86 0.83 0.81 0.46 0.31 0.31 0.31
700 0.94 0.89 0.84 0.5 0.31 0.31 0.31
720 1.02 0.97 0.88 0.55 0.31 0.31 0.31

Dyn-o-mite! Joined: 13 Dec 2007 Posts: 384

I'm on a sinking ship wrote:

* Chase –Rates up 25 bps
* Citi – Rates Unchanged
* American General – >=680 fico and <=85 ltv up 46 to 102 bps; all other price points up 21 to 31 bps (see grid below)
* US Bank – Rates up 73 bps

Amgen Rate Change Delta:
FICO 70 75 80 85 90 95 100
0 0.21 0.21 0.21 0.21 0.21 0.21 0.21
560 0.21 0.21 0.21 0.21 0.21 0.21 0.21
580 0.21 0.21 0.21 0.21 0.21 0.21 0.21
600 0.26 0.26 0.26 0.26 0.26 0.26 0.26
620 0.31 0.31 0.31 0.31 0.31 0.31 0.31
640 0.31 0.31 0.31 0.31 0.31 0.31 0.31
660 0.31 0.31 0.31 0.31 0.31 0.31 0.31
680 0.86 0.83 0.81 0.46 0.31 0.31 0.31
700 0.94 0.89 0.84 0.5 0.31 0.31 0.31
720 1.02 0.97 0.88 0.55 0.31 0.31 0.31

Interesting first post. Thanks for adding to this thread. Stay off the pipe.

Dud? Joined: 15 Apr 2008 Posts: 7 Location: Western State

AE's are leaving......the rest are waiting for FHA to roll out.

Posted: Wed Apr 16, 2008 1:59 am

Can't remember the last time I heard from my Wilmington AE. Wonder if she is still alive and working there. Hmmmm Confused

Cherry Bomb Joined: 13 Feb 2008 Posts: 182

Good Riddens to them. They woke up one day, looked around and actually thought that because they were one of the few still around, it was because they were good?

I met with their senior management a while back and they were sitting around saying how they knew what was coming and that they were around because of steps they took way before the isht hit the fan. They all high fived each other in agreement.

Karma is a biatch in this industry.