twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to 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

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

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

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

Press Releases
Reports and announcements from

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









site map
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Georgia Lender Closes Wholesale

BayRock to focus on retail

December 5, 2007


photo of Coco Salazar

A Georgia-based lender has stepped out of the wholesale market and will focus on retail operations.

BayRock Mortgage Corp. discontinued all of its wholesale operations effective immediately, according to a copy of an e-mail message today from Bayrock President and Chief Executive Officer William M. Medley Jr.

"A challenging market environment, coupled with continued liquidity limitations, gives us no other choice but to look for the long-term survival of BayRock," the CEO said.

All previously submitted loan applications that had been cleared to close will continue to be processed, while all other files will be returned at the broker's request, the message read.

"We've enjoyed working with all of BayRock's broker partners and we regret that this decision has to be made and the impact on all those who will be affected," the CEO continued.

Calls to Bayrock were not returned prior to's deadline.

In addition to Alpharetta, Ga., Bayrock had operations in Owensboro, Ky.

In a July 2005 interview, Bayrock told the Kentucky center would house 100 new nonconforming wholesale employees. These additions, to its staff of 154 at the time, were expected to be complete in two years and increase annual mortgage volume to $1.5 billion in 2006.

As of this afternoon, spokesmen for the Georgia Department of Labor and the Kentucky's Division of Workforce and Employment Services said they had not received from BayRock any filings related to the Workers Adjustment and Retraining Notification Act, which requires covered employers to give notice 60 days in advance of a plant closing, layoff or transfer of 50 jobs or more.

Medley's message stated Bayrock will continue to develop and grow its retail platform.

Founded in 1994, BayRock Consumer Direct specializes in online lending and closes loans in under 14 days in most cases, according to its Web site as of today. The company handles credit scores ranging from 500 to 850 and has "a full array of products to offer to customers with less-than-perfect credit."

"BayRock has steadily grown to become a national leader in residential lending," the site states. "Our product offerings are robust, innovative and highly competitive, allowing BayRock to become an extremely efficient lender."

Coco Salazar is an associate editor and staff writer for

e-mail: [email protected]

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.

Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

Logout forgot

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


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