Email this pageDefunct Mortgage Firms and Units
| Deceased Mortgage Servicers (as of April 2008) | |||
| Servicer Name | HQ | Servicing Volume at Time of Demise (dollars in millions) |
Mkt. Share |
| American Home | Melville, NY |
$54,093 |
0.59% |
| New Century | Irvine, CA |
$40,000 |
0.43% |
| Option One | Irvine, CA |
$68,000 |
0.74% |
| Ameriquest | Orange, CA |
$57,000 |
0.62% |
| Aegis Mortgage | Houston, TX |
$18,000 |
0.20% |
| NovaStar Mortgage | Kansas City, MO |
$15,380 |
0.17% |
| Opteum Financial | Vero Beach, FL |
$2,800 |
0.03% |
| HomeBanc | Atlanta, GA |
$9,369 |
0.10% |
| ResMAE | Brea, CA |
$3,114 |
0.03% |
| Encore Credit | Irvine, CA |
$2,500 |
0.03% |
| Total: |
$270,256 |
2.94% |
|
Source: National Mortgage News/eMID. Questions? Email: Paul.Muolo@SourceMedia.com
| Defunct Origination Platforms - The Early November/October Company Casualty List | |||
| ($ in millions) | |||
| Lender Name | 07 Fundings (Annualized) | The Month | The Situation |
| WMC Mortgage | $5,000 | Nov. | Being liquidated by GE parent |
| ResMAE | $1,000 | Nov. | New owners, but just stopped funding |
| CitiMort. (Corr./2nds) | N/A | Nov. | Stopped buying 2nds thru corres. ch. |
| Bank of America (wh.) | $30,816 | Oct. | Shutting wholesale group entirely |
| Impac Mortgage | $4,520 | Oct. | Shut most non-retail branches |
| Nationstar | $4,000 | Oct. | Suspended wholesale |
| Decision One (1) | $2,368 | Oct. | Parent shut B&C wholesale |
| E*Trade (e) | $1,600 | Oct. | Shut wholesale unit |
| Washington Mutual | N/A | Oct. | Exited warehouse niche only |
| Diablo Funding (2) | N/A | Oct. | Shut down due to credit crunch |
| Totals | $49,304 | ||
| Notes: Citi will no longer buy second
liens from mortgage banking correspondents. BoA closed its wholesale unit, leaving it in just one production channel: retail. (1) Decision One is owned by HSBC. (2) Diablo is a loan brokerage firm. (e) Estimate. Source: NMN/Quarterly Data Report. Questions? Email: Paul.Muolo@SourceMedia.com |
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| Defunct Origination Platforms - The September Casualty List | |||
| ($ in millions) | |||
| Lender Name | 07 Fundings (Annualized) | Main prod. | The Situation |
| BNC Mortgage (1) | $4,000 | B&C | Wholesale. Closed by parent |
| Decision One (2) | $2,368 | B&C | Wholesale. Closed by parent |
| E*Trade (e) | $1,600 | A, HELOCs | Closed wholesale unit only |
| Homestead Mort. | $360 | na | Closed small wholesale unit only |
| NovaStar | $3,672 | B&C | Closed wholesale |
| Totals | $20,520 | ||
| Notes: Firms listed alphabetically. Annualized
fundings calculate by taking 2Q production and multiplying it by four. (1) BNC is owned by Lehman Bros. (2) Decision One is owned by HSBC. The production figure published here represents DO only. (e) E*Trade's production volume is an estimate. Company refuses to disclose originations. Source: National Mortgage News Questions? Email: Paul.Muolo@SourceMedia.com |
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| August's Casualty List -- Ailing and Deceased Mortgage Firms | ||
| ($in millions) | ||
| Lender Name | Annualized Fundings | The Situation |
| American Home Mort | $ 66,980 | Filed for BK, swamped by margin calls |
| First Magnus | $ 31,704 | Filed for BK, citing no liquidity in the secondary |
| GreenPoint (NC) | $ 25,548 | Closed by depository parent, citing sec. mkt. |
| Impac Mortgage (NC) | $ 8,896 | Stopped funding alt-A, still in biz but stock hammered |
| BNC Mortgage | $ 8,000 | Closed by parent, Lehman Bros. |
| NovaStar (NC) | $ 5,600 | Suspended wholesale fundings |
| HomeBanc | $ 4,276 | Filed for BK, sold branches to Countrywide |
| Accredited (NC) | $ 4,000 | Said it may not survive current market |
| Alliance/United (NC) | $ 4,000 | Alt-A lender filed for Ch. 7, citing the market |
| Fieldstone (NC) | $ 3,188 | Suspended wholesale fundings |
| Aegis Mortgage (NC) | $ 2,000 | Filed for BK, after converting to alt-A from B&C |
| AmStar Mortgage | $ 1,000 | Major layoffs at HQ, branches for sale |
| Quality Home Loans | $ 620 | Hard money lender. Filed for BK. |
| FlexPoint Funding (NC) | $ 600 | Closed wholesale unit. No info available |
| Deutsche Bank (NC) | $ na | Closed correspondent unit |
| Encore Credit (NC) | $ na | Cut 100 workers. Bear-owned. Won't disclose prod. |
| Saxon Mortgage (NC) | $ na | Closed corres., a business its parent is in |
| XBancorp (NC) | $ na | Closed wholesale. No info available |
| Totals | $ 166,412 (market share: 6.14%) | |
| Notes: Firms listed by production volume,
high to low. Annualized fundings based on first quarter 2007 originations. Some production figures involve estimates.
(NC) Firm is/was mostly involved in non-conforming production. (BK) Filed for bankruptcy protection. Source: National Mortgage News/Quarterly Data Report. Questions? Email: Paul.Muolo@SourceMedia.com |
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