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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



Wholesaler Done

LownHome Financial out of business

September 10, 2007

By SAM GARCIA


A national wholesaler that specialized in Alt-B programs and launched just last year is gone.

"LownHome Financial has closed for business," read an automated response from the company's e-mail system in reply to a message sent by MortgageDaily.com requesting a statement.

There was no other response to the e-mail message and no reply to a voice mail requesting a statement. While the company's main line is still being answered, a comment was not immediately available.

The home page of the Web site as well as all other links direct Internet users to a page with a simple graphic and a statement that says, "Under Construction."

Alt-B programs were, however, touted on an archived page of LownHome.com.

The San Jose, Calif-based company said it had regional operations centers in Pittsburgh, Pa., Baltimore, Md., and Portland, Ore.

LownHome Financial Corp. was reportedly launched just last year. Records from California's Department of Real Estate indicate the company's currently active license was issued in May 2006 and expires in 2010.

The company said it was licensed in 22 states.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]


Corporate Mortgage News
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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.



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.


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