A representative for eWarehouseOne is trying to place roughly $70 million of applications with at least two other banks, according to both the rep and two banking officials who were contacted.
The rep, who requested his name not be published, said the company is having trouble processing applications and completing transactions. (National Mortgage News has been reporting on eWarehouseOne’s problems for two months now.)
The company, which apparently has no permanent headquarters, has been losing warehouse account executives who are frustrated with the firm’s inability to supply additional information about its funding capabilities.
Early this month eWarehouse removed the names of its warehouse account reps from its website after a handful of AEs who departed demanded their names be taken down. Reps departing were based in Florida, Texas, and California.
Three different warehouse reps for the company said they are being paid a retainer of just $2,000 a month and have received no other income.
Tom Reynolds, who serves as EVP in charge of warehouse lending, has not returned any telephone calls or emails placed to him by NMN. Reynolds keeps an office in Cherry Hill, N.J., said one AE who just resigned from the company.
