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Wholesaler Closes Shop

First Source originated nonprime

April 13, 2007


photo of Paula Parisot
Paula Parisot

An Irvine, Calif.-based nonprime wholesaler that originated more than $1 billion during its first two years in business is shutting down.

First Source Funding Group Inc. is closed, according to an unidentified woman who answered the phone at the company's headquarters. She declined to discuss details or put MortgageDaily.com in contact with a spokesperson or executive.

"They aren't talking," she said.

A representative of First Source's commercial division also declined to elaborate on the company's status.

In its first two years in business, First Source, which says it was founded by President Ken Meyer, originated over $1 billion in residential mortgage loans in California, according to its Web site.

The rapid growth was achieved "by being the First Source for every product available, being over aggressive in price, and utilizing the very latest technology to improve processes," the site says.

Available loan types reportedly included nonconforming, Alt-A and subprime loan programs.

"Expanded Criteria Loan Programs are programs for borrowers that need something "outside the box," the Web site says. "Some of the features of expanded criteria include expanded guidelines for LTV/CLTV, as well as enhancements not available under standard program criteria. These types of loans are typically risk-based and incur price adjustments based on the parameters of the loan."

First Source reportedly released a statement on March 9 that said they would no longer be accepting loan submissions, requests for rate locks or loan documents, effective immediately.

"That being said, we harbor the utmost concern for the needs of our customers and we will attempt to accommodate existing transactions to the extent possible," according to a copy of the statement obtained from The Mortgage Lender Implode-O-Meter. "Subject to the availability of funds, FSFG will make every effort to proceed with funding of locked loans with loan documents drawn and released on or before March 8, 2007."

Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: [email protected]

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