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johnnyo
Cherry Bomb
Joined: 25 Oct 2007
Posts: 183
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just got email from my AE - they are closing wholesale division today
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trojan49
Wrecking crew
Joined: 16 Mar 2007
Posts: 1685
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I'm not saying this isn't true, but if it is, why would Vertice go thru the gyrations of issuing a wholesale rate sheet for today? Simply send something out that says no new locks will be provided, and that in the event your loan doesn't close by the expiration of the lock, you're SOL.
If you're closing up the doors and getting out, does it really matter whether you put up the front that it's business as usual?
Fight On!! |
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grliegrl
Dud?
Joined: 03 Apr 2008
Posts: 15
Location: Florida
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Our AE told us the same thing: closing is today.  |
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turbo
Cherry Bomb
Joined: 11 Jan 2008
Posts: 112
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| trojan49 wrote: |
I'm not saying this isn't true, but if it is, why would Vertice go thru the gyrations of issuing a wholesale rate sheet for today? Simply send something out that says no new locks will be provided, and that in the event your loan doesn't close by the expiration of the lock, you're SOL.
If you're closing up the doors and getting out, does it really matter whether you put up the front that it's business as usual?
Fight On!! |
Trojan, my team went through a few company closings, and we always published a rate sheet for at least 14 days after the announcement. Reason being, brokers would have files in the pipe that weren't locked yet. However, we'd always have a blurb on the rate sheet that reminded the brokers that we were closing. |
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JoeBlow
Flash in the pan
Joined: 27 Jun 2008
Posts: 33
Location: S.Florida
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| johnnyo wrote: |
just got email from my AE - they are closing wholesale division today
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As I said in the Chase Wholesale thread.....Wholesale is over for the major lenders. Who is left? Wells? Chase? If they stay open it will be at EXTREMELY different guidelines than Retail.
This is getting ugly!!!
JB  |
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Randall
Batman
Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California
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Our understanding is funding until August 31, so expect ratesheets for a while, but pricing may be pretty stupid looking. |
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Randall |
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catherine
Demolition Man
Joined: 24 Oct 2007
Posts: 2307
Location: FLORIDA
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| JoeBlow wrote: |
| johnnyo wrote: |
just got email from my AE - they are closing wholesale division today
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As I said in the Chase Wholesale thread.....Wholesale is over for the major lenders. Who is left? Wells? Chase? If they stay open it will be at EXTREMELY different guidelines than Retail.
This is getting ugly!!!
JB |
it's going to be all government all the time............. |
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lenderbob
Dyn-o-mite!
Joined: 29 Aug 2007
Posts: 431
Location: Georgia
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Is Vertice going out as well? I spoke with a friend of mine who is an AE at Wachovia and he didn't know if they were keeping Vertice.
Lenderbob |
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Banking establishments are more dangerous than standing armies.
Thomas Jefferson |
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suzyQ
Wrecking crew
Joined: 13 Feb 2008
Posts: 1736
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Well - here went my lunch ticket for next month. 500K loan loan at 50% LTV all ready for submission - adult care home. Property got cleared for portfolio on Friday but too late to upload this morning. |
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"I think we consider too much the good luck of the early bird and not enough the bad luck of the early worm." FDR |
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RPny
Dud?
Joined: 04 Jul 2008
Posts: 5
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SuzyQ, that is a very selfish post with all the people out there about to lose their jobs. And we all know that there aren't a ton of positions in this industry waiting for them. |
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