The Kislak Organization's re-entry into the residential mortgage business is kaput.
According to industry officials familiar with the situation, Kislak recently sold off the remaining assets of J.I. Kislak Mortgage LLC, Miami Lakes, to EverBank Financial Corp., Jacksonville, Fla.
As press time officials at both Kislak, a large real estate company, and EverBank, had not returned telephone calls about the matter.
One advisor close to the situation told National Mortgage News that the partners involved in the effort “decided they'd have to wait too long to get their money out of the business. They just got sick of reading how bad the residential real estate market is.”
A few decades ago Kislak owned an active nonbank mortgage lender/servicer but sold off the unit, and stayed on the sidelines, concentrating on commercial real estate.
Last year, the company decided to re-enter the business with some fanfare, starting a small retail lending operation in the Southeast. It even hired industry veteran Tom Wind to run the company but then he departed in April joining EverBank.
Wind did not return a telephone call on Monday.
According to figures compiled by the Quarterly Data Report, EverBank is the 25th largest home funder in the U.S.
