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LoanCity No More

Web site indicates company closed today

March 20, 2007

By MortgageDaily.com staff

LoanCity has closed down.

"LoanCity is closed for business," read a message on the San Jose, Calif.-based lender's Web site today. "Today March 20, 2007, is the last day we will be funding loans."

LoanCity said it was founded by Chairman and CEO Rick Soukoulis as "America's Funding Source" in 1987.

The company said it licensed its "Electronic Mortgage Clearinghouse" loan search engine to mortgage brokers, leading to an exclusive deal with Charles Schwab & Company Inc. in 1994.

Fresh with its first venture funding in 1999, a Web-based mortgage origination and transaction management system was introduced and the LoanCity name was adopted.

Investors in the company include Bank of America Investment Corp., E*TRADE Group Inc. and Morgan Stanley Dean Witter Equity Funding Inc., the company reported.

Among seven product groups were jumbo, conforming, Alt-A and option ARMs, according to LoanCity -- which reported $5 billion in production last year. The company claimed to do business in 48 states.

"To our customers, our staff and business partners -- we thank you," the Web site said.

A note obtained from one of the company's account executive's said all files will be overnighted back to the originating brokers.

Among now-defunct frequently asked questions touted on its Web site was, "Do you offer programs for subprime borrowers?"

"Yes, we have an excellent and competitive nonprime program," read the answer.

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