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.

CU Lender Halts Operations

Central States Mortgage posts notice that business suspended

March 9, 2009

By staff

For the second time since last month, a mortgage banking firm that caters to credit unions has closed the door on new business -- this time impacting hundreds of employees.

That firm was Central States Mortgage.

The Wauwatosa, Wis.-based company stopped doing new business today.

"Central States Mortgage has suspended operations effective March 9, 2009," a message posted on its Web site today says. "Further details will be provided at a later date."

The mortgage banker reports that it was established in 1984 and is owned by 25 shareholder credit unions and the Wisconsin Credit Union League.

Central States services 250 credit unions, and it owns non-conforming third-party lender Direct Mortgage Funding.

During 2007, the company says originations were 4,750 loans for more than $0.7 billion.

"This made us the largest Milwaukee area mortgage banking company and ... third ranked multi-owned credit union service organization in the country," the company boasts on its Web site.

Last month, CU National Mortgage notified its customers that it stopped processing loan originations because its warehouse line-of-credit was cut, its access to Fannie Mae as a delivery channel was lost and it was no longer able to use Fannie's Desktop Underwriter, according to the GTE FCU employee.

A competitor estimated that CU National served 30 to 35 credit unions.

Also during February, Central States parent CMSC Inc. filed a lawsuit against its founders and former management team as well as their new company. The defendants are accused of secretly operating their own mortgage business and warehouse lending facility while they were still responsible for running Central States.

In August 2008, Central States partnered with PBG Financial Services Ltd to acquire Home123 Corp. -- the former retail lending subsidiary of bankrupt New Century Financial Corp.

While a June 2006 announcement indicated Central States employed 400 people, BizTimes Media LLC reported in October 2008 that Central States employed about 200 people, and social networking site Linkedin currently reports between 201 and 500 employees.

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.

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