home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

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.

Florida Firm Fails

The Mortgage Warehouse stops funding

June 19, 2007


photo of Coco Salazar

A Florida-based subprime wholesaler has quit funding loans.

On Monday, a greeting message at the headquarters number for The Mortgage Warehouse stated, "Unfortunately, we are not accepting any new loan submissions."

Upon MortgageDaily.com's requests to management staff for comment, a reply e-mail by outside sales manager, Cindy Arceneaux, read, "No comment."

The Mortgage Warehouse was "fully committed to providing the best possible service to meet the needs of our brokers and their nonconforming borrowers," a mission statement on the company's site read. "Our goal is to form partnerships with selected brokers who are looking for a lender that will be here for the long term, and to meet those brokers' needs for products and service that will ensure a long term business relationship."

The Clearwater-based company started operations in 1997, had a network of over 2,000 brokers and was licensed to lend in 26 states, from North Carolina to California and certain areas in the North and Midwest, according to its site.

The wholesaler reportedly used a "state-of-the-art" automated decisioning system to allow brokers to export loan and complete credit data directly from their loan originations system and receive instant pre-qualification.

The Mortgage Warehouse claimed it provided a "full range of products from subprime and High LTV to Alt-A and Jumbo," including pay-option adjustable-rate mortgages.

Subprime loans, including first lien 2/28 ARMs and 3/27 ARMs and 20-year second lien loans, were available for borrowers with credit scores as low as 530, the site said. The Alt-A menu included fixed first lien loans with no mortgage insurance on less than 95% LTV for scores as low as 620, stated income loans on scores as low as 620, and no doc loans for a minimum score of 660.

Coco Salazar is an associate editor and staff writer for MortgageDaily.com.

e-mail: [email protected]

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.

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.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders