home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

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

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

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

Press Releases
Reports and announcements from MortgageDaily.com.

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.

The MortgageGraveyard

Alt-A Wholesaler Exits

Flick Mortgage posts Web site notice

July 24, 2007

By MortgageDaily.com staff

An Alt-A wholesaler has left the mortgage market.

Flick Mortgage Investors Inc. ceased taking business from brokers on Friday, according to a notice on its Web site, effective at 3 p.m. that day.

"Due to continuously deteriorating market conditions Flick Mortgage/MortgageSimple has made the decision to exit the wholesale mortgage lending business," the notice read.

While a woman who answered the phone at Flick's main office in Miami, Fla., on Monday confirmed the validity of the notice, the company provided no comment.

While the company's Web site does not function beyond the posted notice, an archived Web page stated that Flick and its affiliate MortgageSimple engaged in national wholesale lending, specializing in Alt-A, non-conforming and jumbo loans.

In addition to agency loans, among the product offerings listed on the former Web site were a "Vision Alt-A" mortgage on 90 percent loan-to-value that allowed cashout; an 80/100 percent seller-held second for owner occupied homes on a stated income verified assets basis and a minimum score of 660 with two months reserves; a 100 percent LTV SIVA with no mortgage insurance on a 660 minimum score and with interest only terms; a 90 percent LTV no doc loan on a 680 score with interest only terms; and a 5/6 "pick-a-pay fixed" loan on 95 percent LTV on a 680 score for owner occupied homes and on 90 percent LTV on a 660 score for seller-held.

The lender described itself as an "industry innovator for almost two decades" that had grown stronger each year and whose brokers proclaimed its "Vision" loan product offering was "so comprehensive" that the company was "the only true 'one stop shop,'" according to one former Web page.

Flick appeared to be licensed in 14 states in the Mid-Atlantic, Midwest and Rockies regions: Florida, North and South Carolina, Virginia, West Virginia, Alabama, Kentucky, Tennessee, Georgia, Maryland, Indiana, Illinois, Texas and Colorado.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

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.

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.

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