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Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
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Wholesale Operation Shuttered

Homefield Financial closes wholesale channel

April 13, 2007

By MortgageDaily.com staff

An Inc. 500 company has abandoned mortgage broker business.

Homefield Financial's wholesale division made the revelation on its Web site.

"It is with great regret that Homefield announces that the Homefield wholesale division will no longer be accepting broker applications for consideration of a broker/lender relationship," the message read on the Web page.

The lender said it also will not accept any more "loan application packages for loan approval."

In February 2006, the Irvine, Calif.-based company announced 300 job additions in California and Texas.

Homefield, which reported last August $2.5 billion in annual loan volume, made the Inc. 500 24th annual ranking of the fastest-growing private companies in the nation for the second time in 2005. The company reportedly had 367 percent year-over-year sales growth from 2001 to 2004.

Origination was derived from channels including the "consumer retail division, the continually expanding wholesale division and their broker partnerships, and through the newly established purchase group dedicated to realtors," the August announcement said.

In 2004, the California Controller's Office told MortgageDaily.com the agency issued a cease and desist order to Homefield Financial Mortgage Loan Co. for mailing 50,000 California residents what looked like a $1,000 check from the state.

Homefield's Web site message today said it "would like to thank all of the mortgage brokers that have submitted broker packages and/or loan application packages."

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