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.

End of the Line for Fla. Firm

CFIC to end operations by October

September 12, 2007


A national mortgage company with about 1,000 employees working from 400 offices will shut down by next month. A cross town rival is slated to pick up some of the company's branch and headquarters staff.

CFIC Home Mortgage, which reportedly operates in 47 states and the District of Columbia, is closing down between now and the end of October, keeping individual offices open just long enough to close loans in their pipeline, according to a company official.

"We've withdrawn our licenses from all those states and we're ceasing operations in all our branches," Don Whitaker, director of operations at the company, told "We're staying open long enough to close the loans in the pipeline or until our branches find another company to work for and are properly licensed. Typically, that takes four to six weeks.

"Hopefully," he added, "we can keep their monies flowing to them and close their loans for them, supporting them until they can latch on somewhere else."

The origination of new loans also is ceasing at the St. Petersburg, Fla.-based broker, he noted.

CFIC's employees will, with the company's assistance, be able to transfer their employment to Apex Lending Inc. in Clearwater, Fla., which also is expected to hire some of CFIC's corporate staff, according to Whitaker. The transfer will enable CFIC's former loan officers to continue to originate loans for their borrowers and continue to get paid, he said.

"Those are all our plans," he concluded. "Hopefully, they'll work."

Apex is licensed as a mortgage broker in 28 states, according to its Web site, and originates loans for such major lenders as Bank of America, Chase, Countrywide, IndyMac, WaMu and Wells Fargo.

CFIC's Georgia license was revoked last March, an official told in May, because of the employment of two persons with felony convictions. The company also paid a $193,000 fine for that state regulatory violation.

In New Jersey, Challenge had been fighting a suit by a former employee over employment-associated agreements. And in Iowa and Florida, former employees had filed suits involving lack of overtime payments, both charging violations of the Fair Labor Standards Act.

CFIC, which was founded in 1992, was shutting down because of the company's inability to work out new bonding programs with its bond company, Hartford Bond, of Hartford, Conn., according to Whitaker.

"Although we haven't had a claim with that company, they all of a sudden decided that we needed to do more than what we had contractually agreed to," he said, describing the cause as "tougher underwriting decisions by our bonding provider."

He said he "really can't address" the specifics of the bonding problem.

"If you want to call Hartford, they can probably tell you why they decided that," he maintained.

Calls to Hartford officials were not immediately returned.

Before beginning its shutdown, CFIC's loan officers -- the company referred to them as mortgage consultants -- closed $10 million in loans every business day, helping a total of 20,000 people each year, according to the company's Web site. That would amount to about $2.6 billion in originations annually and make them one of the nation's top 10 mortgage brokers.

The company is a subsidiary of Challenges Financial Investors Corp.

Jerry DeMuth is an award winning journalist who has been reporting for four decades.

e-mail Jerry at [email protected]
Mortgage Branch News | Net Branch | Mortgage Branch Directory
Coverage of new and existing net branch operations. Programs, payouts and other details. Profiles of brokers and net branch lawsuits.

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.

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