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.

Bankrupt Branch Operation Dumps Wholesale

EquiPoint to focus on reverse mortgages

August 7, 2008


photo of Patrick Crowley

A California-based company has eliminated its wholesale operation, converted from a mortgage banker to a mortgage broker and eliminated more than 70 branches. It hopes to emerge from bankruptcy with a new reverse mortgage strategy.

EquiPoint Financial Network is fighting to survive a Chapter 11 bankruptcy filing. It has fled the wholesale business and is trying to re-emerge as a broker concentrating on reverse mortgages.

"We're making moves to survive," EquiPoint President Bruce Barnes told "We've put in new technology. We're doing more training for our branches. We're marketing. And we put quality controls in place to emerge with a stronger platform and move forward."

Just a few years ago, the San Diego-based company had 85 branches and nearly 500 employees. But Barnes said the company, like others caught up in the credit crunch and market collapse, had difficulty selling loans on the secondary market -- leading to the shutdown of its wholesale operation.

When Barnes took over late last year, employment was down to 125 from about 300 two years ago. The number of branches dropped to its current number of 14. There have been no major layoffs in recent months, but more than 100 loan producers are no longer working as independent contractors for the company because the work has dried up.

Barnes would not divulge the company's current loan volume.

"We're now a full brokerage operation," Barnes said. "We're slowly inching back ... with a significant amount of production heavily weighted in reverse mortgages."

EquiPoint shut down the wholesale operation in February and filed for bankruptcy in June, listing assets of about $550,000 and liabilities of about $5.3 million.

Barnes said the owners have pumped "millions and millions of dollars" into the company, though he did not say exactly how much.

"Unlike other companies that basically tried to wipe it all away ... we're working through it," he said.

EquiPoint was originally part of Axio Financial Services, which purchased at least four smaller mortgage companies over the last four years, including Mortgage Net USA in Oregon. In the summer of 2006 reported that Axio was managing the Sierra Mortgage Investment fund, a limited partnership that was operating similar to a Real Estate Investment Trust.

Barnes said he and other new managers came on after the old management was purged.

"Our old management team did have a good philosophy to make the company work," he said. "But there were just a couple of bad branches that created havoc with the rest of the company."

Patrick Crowley is a feature journalist and blogger for He is also a reporter, blogger and columnist for The Cincinnati Enquirer.
e-mail Patrick at: [email protected]

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.

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

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.

Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.
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