'Scratch & Dent' Investor Bayview Lays Off 100+

Bayview Financial of Florida -- a "scratch-and-dent" and small-balance commercial lender -- has laid off more than 100 workers at two affiliates, Silver Hill Financial and InterBay Funding, industry executives have told MortgageWire. At deadline time, the company had not returned telephone calls about the matter. Based in Coral Gables, Bayview operates several mortgage-related businesses, including a loan acquisition group that has been very active in the scratch-and-dent niche, according to investors who play in that market. Until recently, Silver Hill employed at least 450 and InterBay 800, said a source, but those numbers could not be confirmed. David Ertel, Bayview's chairman and chief executive, has worked in various aspects of the mortgage business for three decades.