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



Boom to Bust in 1 Month

Millennium goes from hiring to firing in less than 1 month

March 26, 2008

By MortgageDaily.com staff


Just one month after Millennium Mortgage Corp. said its wholesale division was embarking on an "extensive market expansion," the company halted all new broker business.

The Palm Desert, Calif.-based lender told MortgageDaily.com on Feb. 8 that it planned to add 150 sales employees during the first half of 2008.

"For the first 6 months of 2008, we anticipate expansion of the sales force through three regional centers, each with approximately 50 Account Executives strategically positioned throughout their respective markets," Human Resources Director Carol Lieser said in an e-mail statement at the time.

"We see an absolute need in this market for service-oriented bankers with the ability to promote the full assortment of product currently available in this marketplace," Millennium President and Chief Executive Officer Brent Platt said in a Feb. 4 announcement.

But the wholesale lender has apparently been hit by hard times.

"Wholesale operations have been temporarily suspended," read a message on its Web site as of today.

And Millennium apparently abandoned mortgage brokers early in the month, as the company further noted, "We expect to resume operations within 30 days and possibly as soon as March 12, 2008."

The company did not respond to a request for a statement.

"Certainly there is a more restrictive dynamic, but consumer demand is strong, and the broker community is in immediate need of more funding outlets," Platt stated in last month's announcement. "I have a very optimistic outlook for the duration of '08."


Related:

Wholesaler Hiring, Growing

A California-based wholesale lender should have no problem finding qualified employees for its planned expansion this year.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


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.



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