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MILA Closure Confirmed

CA Dept. of Corp. confirms failure

April 24, 2007


MortgageDaily.com has confirmed Mortgage Investment Lending Associates is shutting down.

The Mountlake Terrace, Wash.-based lender has advised the California Department of Corporations it will close down, Mark Leyes, director of communications for the agency, told MortgageDaily.com today. He indicated he could not discuss additional information he knew about the company's closing.

The closing was also confirmed by Deborah Bortner, director of consumer services, for the Washington Department of Financial Institutions, who said there was about 200 employees still finalizing work for the next couple of weeks or so for MILA.

MILA, as it was known in the trade, was founded in 1984 by Layne E. Sapp -- who was among 35 finalists for the 19th Annual Ernst & Young Entrepreneur of the Year Award, it said on its now defunct Web site. The company reported $4.5 billion in 2005 originations and projected $4.5 billion in 2006 originations

Business was originated online with its AccessPoint loan platform through 42,000 originators at 5,000 companies, MILA said.

The company was once among the 20 largest employers in Snohomish County -- recently reporting 500 employees. An October 2005 announcement indicated MILA's 803 percent three-year growth ranked it No. 122 on the Inc. 500.

Leyes, with the state of California, noted the company was responsibly transitioning its pipeline during the closing process.

"The company is finding other lenders for the loans in the pipeline," Washington's Bortner said. "We had about five loans in the pipeline in Washington, which is an indication to us that they'd been winding down."

As for the reason behind MILA's doors closing, Bortner said, "There's nothing different than what's going on with other large lenders like New Century that have lost their lines of credit with they way the market is."

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

e-mail: [email protected]

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