twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



Fast Growing Firm Suddenly Closes

IFG was on Inc. 5000 list

Sept. 18, 2013

By Mortgage Daily staff

A mortgage firm that last year ranked among the fastest growing companies in the country suddenly laid off its employees and is closing down.

Revenue at IFG Mortgage Corp. totaled $17.5 million in 2012, up 128 percent from three years earlier and landing it at No. 2,722 on the Inc. 5000.

Between its founding in 1995 and October 2012, IFG reported residential that loan originations were more than $3 billion.

Data from the Nationwide Mortgage Licensing System indicate that the Newtown, Pa.-based company was licensed in 16 states and Washington, D.C.

But on Wednesday, Atlanta-based Equity Loans LLC announced that "top management and key employees" were leaving IFG and becoming employees of Equity Loans.

Although no senior IFG executives responded to a request for information about IFG's status, an employee from the corporate office -- who asked not to be identified -- confirmed that IFG is in the process of closing down. The employee said he has been offered a job with Equity Loans but hasn't yet decided whether to accept the offer.

"The end is near; the closing is imminent," he stated in a telephone interview.

He noted that employees and senior management were "blindsided" by the development.

"Two weeks ago we find out that the owner is sick," he said, "and then two weeks go by with not really much information. Come in to find out massive layoffs -- that was on Friday.

"There were issues of payroll."

He went on to explain that a skeleton staff remained as of Monday to try and close out the pipeline, and Friday is the last day of business.

He said the owners of the company are Ari Sadoff & David Rzepksi.

A prior announcement indicated that IFG was founded in 1999, while NMLS records indicate a formation date of Dec. 1, 1995.

"It's been very upsetting as an employee," he said. "We were all kind of kept in the dark, and it all happened so quickly -- didn't think that a company like IFG would come crumbling down so fast."

He noted that close to 150 people were employed by IFG. NMLS records indicated that 59 sponsored mortgage loan originators were on board. The company was reportedly still recruiting new employees as of last month.

Residential originations were running at about $30 million a month prior to the last few months, according to the source.

He speculated that "too much expansion" was behind IFG's demise. The company had apparently been spending significant expense on two new California offices.


Related:
Managers, Staffers Exit PA Firm
A Georgia mortgage banker that recently obtained agency approval, opened a wholesale lending channel and expanded its branch network has picked up management and staffing from a Pennsylvania company.

next story

back to current headlines


Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders