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bankergal1994
Dud?


Joined: 08 Dec 2008
Posts: 1

Amtrust
PostPosted: Mon Dec 08, 2008 7:06 pm Reply with quoteBack to top

What is going on there? I LOVE Them, but my account rep got laid off, and now my warehouse bank won't fund them.

I know about the cease and desist, but that is for commercial stuff, not their residential mortgage. Besides, my rep's boss said that the bank had stopped that type of lending ages ago.

So what happens if they don't make the capital req's?

They are the BEST lender out there! It is so easy to do business with them. I can't imagine doing business the old way!
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HelpWanted
C-4


Joined: 10 Jan 2008
Posts: 1139

Re: Amtrust
PostPosted: Mon Dec 08, 2008 7:43 pm Reply with quoteBack to top

bankergal1994 wrote:
What is going on there? I LOVE Them, but my account rep got laid off, and now my warehouse bank won't fund them.

I know about the cease and desist, but that is for commercial stuff, not their residential mortgage. Besides, my rep's boss said that the bank had stopped that type of lending ages ago.

So what happens if they don't make the capital req's?

They are the BEST lender out there! It is so easy to do business with them. I can't imagine doing business the old way!


I agree they were one of the best. We were assigned a new AE about 18 months ago and we came to kow him as Mr. We'll Shut You Off. Every conversation was that if we didn't send them more and more deals they would shut us off. We finally got sick of hearing it and stopped taking his calls. We finally got that letter terminating the relationship about two weeks ago. We hadn't done anything in at least 15 months. The pricing wasn't great but the UW and service generally was excellent. They did some crazy deals back in the day it may be time to pay the piper.
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FIXMYLOAN
Consigliere


Joined: 27 Dec 2007
Posts: 4684
Location: Jersey

Re: Amtrust
PostPosted: Mon Dec 08, 2008 9:45 pm Reply with quoteBack to top

The minute the rep told me that in a meeting, I put all their papers in a manila folder and never looked at them again.

I KNOW they have great service. I KNOW their pricing is decent...

There are just too many small folks still out there willing to earn what I send...and I am loyal to those who are loyal to me.

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"If they'll lie FOR you, they'll lie TO you"
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MITTIM
Flash in the pan


Joined: 08 Dec 2007
Posts: 66

Re: Amtrust
PostPosted: Tue Dec 16, 2008 5:35 am Reply with quoteBack to top

i have heard good things about AmTrust's service. They are not the typical lender. I hope they get it together.
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jwerner
C-4


Joined: 20 Jul 2008
Posts: 1140
Location: Cleveland, OH

Re: Amtrust
PostPosted: Tue Dec 16, 2008 6:23 am Reply with quoteBack to top

bankergal1994 wrote:
What is going on there? I LOVE Them, but my account rep got laid off, and now my warehouse bank won't fund them.

I know about the cease and desist, but that is for commercial stuff, not their residential mortgage. Besides, my rep's boss said that the bank had stopped that type of lending ages ago.

So what happens if they don't make the capital req's?

They are the BEST lender out there! It is so easy to do business with them. I can't imagine doing business the old way!


I worked for Ohio Savings in 2003 on the retail side in Cleveland. Many people spoke highly of Bobbie Goldberg, the former President. I still keep in touch with guys over there. It seems like Peter Goldberg changed things substantially though. They kept portfolio ARMs, HELOCs, and employee loans. Those ARMs and HELOCs must have hurt.

You have to remember that Ohio Savings, now AmTrust, being a private bank, is going to be pushed around by the feds more than the large public firms.

I'd like to say that AmTrust will be AmTrust again, but I highly doubt they will be the same. I just can't see how they're going to make it through this one without a subsequent sale or merger.

I speak against fraud vehemently. Ohio Savings was probably the cleanest one out there.

As an employee, I was treated well. They truly do have good respect for their customers. For example, if it's a customer's birthday, a birthday cake would pop up on TRS (Total Relationship System), the computer program we used. It was cute.

Thanks,
Jason

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BIGTXLENDER
Dyn-o-mite!


Joined: 22 Nov 2008
Posts: 217
Location: TEXAS

Re: Amtrust
PostPosted: Tue Dec 16, 2008 1:58 pm Reply with quoteBack to top

sounds about right all my rep did and still does, is sprinkle and moan about pull thru well if you get out and sell instead of sending out Memos perhaps you might not lose those locks.....

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rlynden
Dud?


Joined: 05 Nov 2008
Posts: 8

Re: Amtrust
PostPosted: Tue Dec 23, 2008 7:49 pm Reply with quoteBack to top

Just hearsay, so take it for what it's worth, but rumors are circulating they are not buying closed correspondent loans either....

Same with TBW.....

Just unsubstantiated rumors....
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MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: Amtrust
PostPosted: Tue Dec 23, 2008 10:04 pm Reply with quoteBack to top

If they had to layoff AE's to raise cash needed by FDIC , how much could that raise ?

Are they close to raising the funds by DEC 31st deadline ?
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mrbirchum
Dud?


Joined: 24 Dec 2008
Posts: 1

Re: Amtrust
PostPosted: Wed Dec 24, 2008 4:28 pm Reply with quoteBack to top

A good friend of mine is an Amtrust rep. Our warehouse bank, Texas Capital, has just reinstated Amtrust, and FNMA just agreed to buy their eSign loans in bulk, unaudited, so hopefully that is a sign that Amtrust is in this for the long haul.
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NE146T9
Dud?


Joined: 24 Dec 2008
Posts: 1

Re: Amtrust
PostPosted: Wed Dec 24, 2008 6:51 pm Reply with quoteBack to top

AmTrust Bank works to satisfy regulators before deadline
Reports indicate sale may be final recourse
Wednesday, December 17, 2008
Teresa Dixon Murray
Cleveland Plain Dealer Reporter

With an important deadline looming in two weeks, AmTrust Bank says it is working to satisfy federal regulators who demanded that the bank bolster its cash reserves and stop reckless lending.

There are also reports that the Cleveland-based bank is for sale after being unable to raise money from private investors or the U.S. government. The privately owned bank earlier this month cut 200 to 300 of its 2,700 employees to save money.

New information reveals that AmTrust lost $305.7 million in the third quarter. It lost $49.9 million in the second quarter after posting profits of about $8 million the two previous quarters, according to the Federal Financial Institutions Examination Council.

The $305.7 million AmTrust lost from July to September was about half as much as troubled National City Corp. lost, but AmTrust is only one-eighth the size of National City.

In November, the Office of Thrift Supervision cited AmTrust, fourth-largest bank in the region by deposits, for "unsafe and unsound banking practices."

OTS ordered AmTrust to not make any new loans for land acquisition, development or speculative residential construction, to stop offering ultra-high interest rates on deposits, to build up its reserves and to develop an acceptable business plan. Regulators indicated they would be checking in and set a deadline of Dec. 31.

AmTrust is working to satisfy regulators. "We are doing exactly what we had talked about last," spokeswoman Donna Winfield said. "We're working on our strategic plan.

"At this time, we don't have any further comment."

If regulators aren't satisfied with the progress AmTrust has made, they could force out the management, force a sale, seize the bank or take some other action.

Like many banks, AmTrust got into trouble with mortgages. Known here as Ohio Savings until changing its name in 2007, AmTrust is one of the 15 largest mortgage lenders nationwide and among the largest commercial/construction lenders nationwide.

Based on its third-quarter financials, AmTrust was given a rating of one star by Bauer Financial, a bank rating firm, and by Bankrate. Both rank banks on a five-star scale. Bauer categorizes a one-star rating as "troubled."

Economist LeRoy Brooks of John Carroll University in University Heights said the outlook isn't good for AmTrust, particularly if regulators are asking the bank to raise more money from investors for reserves.

"I think there's a real problem meeting that deadline," said Brooks, a professor of finance. "I'm not sure it's a hole they can dig themselves out of."

AmTrust said it's exploring raising capital from various sources, including through the federal government's bank rescue program.

Longtime local banking analyst Fred Cummings, president of Elizabeth Park Capital Management in Beachwood, said AmTrust's branch business could be attractive if the bank has to be sold quickly. "I imagine there would be a bidder for the deposits," he said.

AmTrust has about $4.5 billion in deposits in Greater Cleveland - about 7 percent of the local market share. Besides its 36 branches in the Cleveland, Akron and Columbus markets, AmTrust has about 33 offices in Florida and Arizona.

AmTrust's Tier 1 ratio, the most-watched benchmark of a bank's financial strength, fell 20 percent from June 30 to Sept. 30, an usually large drop.

Brooks said AmTrust faces either raising capital or getting regulators to agree to increase the value of some of its loans, both difficult to pull off right now. "This is the worst possible time of them to be in this position," he said.

Besides AmTrust's financial strength ratio, regulators are also concerned about the percentage of loans that aren't being paid. That figure was running at 7 percent last summer, which was two to three times the average for banks.

If the economy continues to sour as many experts predict, "the loss ratios are going to continue to get worse," Brooks said.

AmTrust, founded in 1889, employed about 2,700 people, about 1,800 of them in Ohio, before the recent layoffs.

Regulators ordered AmTrust to stop writing certain kinds of riskier mortgage loans, including those with no documentation required. Most banks nationwide stopped doing risky loans six to 12 months ago or more.

The bank is also restricted from attracting new deposits by offering interest rates that are more than 0.75 percentage point above the prevailing local rates.
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