Universal Mortgage Corp. - Retail, Wholesale - Agency, FHA/VA
Update - 2010-05-04: Late yesterday, The Business Journal of Milwaukee reported state officials had been informed that Universal Mortgage Corp. was shutting down operations entirely. This follows just over a week since announcing they would cease wholesale production.
"The company said in a mass layoff notice filed with the Wisconsin Department of Workforce Development that efforts to find a buyer or funder for the company have failed, necessitating the closing of its headquarters at 12080 N. Corporate Parkway."
The shutdown will affect about 100 workers in Wisconsin. Our inquiry about the 100+ employees believed to be scattered in other out-of-state locations did not elicit an immediate response, but it almost goes without saying those jobs are lost as well.
Original Listing - 2010-04-23 (Wholesale): We have received copy of the official announcement sent to brokers today that Universal Mortgage Corp. of Mequon, WI has ceased wholesale production effective immediately.
During 2008, the company averaged over $124 million per month in volume across both its retail and wholesale channels. Their primary (retail) web site indicates the company "operates twenty-five production offices located in eleven states" and has the following:
"Annually, Universal originates and purchases over a billion dollars in mortgage loans. Lending services are marketed directly to consumers through the Retail Lending Division of the company. Universal also operates as a mortgage investor buying loans from mortgage brokers and lenders through the company's Correspondent and Wholesale Lending Divisions. As an investor in mortgage servicing, Universal continues to grow its servicing portfolio each year."
Manta indicates the company has an estimated 230 employees, 115 of which work out of the headquarters in Mequon. It is unclear how many may have been laid off.
Further details are still coming in, and we will update this listing as more information becomes available. Please contact us if you can shed more light on this company's wholesale operations.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.