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Accredited Closes Wholesale

Company to focus on existing retail base

August 25, 2008

By staff

Wholesale lending operations were halted last week at Accredited Home Lenders Inc.

On Thursday, Accredited informed employees of a further workforce restructuring, company spokesman Ed Trissel said in a statement to

"Management is focused on the goal of ensuring that the company will successfully manage through this difficult economic environment to institute the appropriate structure for its business," the statement said.

It was not clear how many employees were impacted and Trissel wouldn't comment further.

But a message sent by Accredited to its brokers said it would immediately halt all locks. All existing locks must fund before the expiration date and no extensions would be granted.

"Although wholesale locks and products will be unavailable, Accredited will continue to service loans and offer new mortgages to our existing retail customer base," mortgage brokers were told.

The latest move follows a consolidation in June.

Accredited issued a notice to its brokers on June 4 indicating operations in Orange, Calif.; Beaverton, Ore.; St. Petersburg, Fla.; and Woodcliff Lake, N.J. would be closed and business would be conducted from San Diego, where it is based.

The business had been revived in October 2007, when an affiliate of Lone Star Funds acquired all the outstanding stock of Accredited and infused $100 million. Two months earlier, the subprime lender had shut down its retail operation and closed 10 wholesale centers. It eliminated half of its staff in August 2007, resulting in over 1,000 layoffs and leaving around 340 remaining wholesale employees.

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