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.