Anthony J. Simich, a division vice president for eWarehouseOne, resigned from the firm late last week, telling National Mortgage News that the company is having trouble closing lines of credit.
“It's been over a month in the making,” he said. He is the third sales executive to leave the company within the past month.
Two months ago Simich said the firm had roughly $3 billion in warehouse commitments. Last week Simich said that number was provided to him by his supervisor, Tom Reynolds, who is listed on the company's website as executive vice president in charge of warehouse lending.
Simich, who joined the company in November, said Reynolds is no longer returning his phone calls or emails.
When asked how much money application and pledge account money eWarehouseOne had gathered under his watch he estimated the number at “under $250,000.” The firm's target niche is small- to medium-sized nonbanks and the 'broker-to-banker' sector.
He said the warehouse division, to the best of his knowledge, has no permanent office space, only temporary rental suites. Simich is based in Orange County, Calif.
During his career Simich has worked as a wholesale account rep for Option One Mortgage and NovaStar. Both are no longer in business.
Reynolds could not be reached for comment. In the past he has not returned telephone calls and emails placed to him by this newspaper.
