twitter linkedin
facebook google+
Search:

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.

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

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

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



Miami Firm Collapses After Line Lost

Popular Mortgage Corp. closes

February 27, 2009

By JERRY DeMUTH


A Miami-area mortgage banking firm, which shut down its wholesale operations last summer, has closed its remaining retail operations -- leaving more than 100 employees out of work. Like other recent casualties, the company's demise was tied to the loss of a credit line.

The company, Popular Mortgage Corp., has apparently vacated its office.

Alexander Castellanos, president of Miami-based Advance Capital Services Inc., told MortgageDaily.com that Popular had recently moved from a Doral, Fla., office -- where it leased an entire floor -- to a building it had purchased in Miami Lakes.

A tenant now is being sought for the Miami Lakes building, according to Castellanos -- who is a leader of the Miami area chapter of the Mortgage Bankers Association of Florida.

As recently as early this year, Castellanos said Popular had been trying to recruit additional loan officers.

Popular Mortgage's two Web sites have been shut down, while one phone has been disconnected and others are not being answered.

President and Chief Executive Officer Henry Salum did not respond to a request for information by e-mail, and his home phone number is unpublished.

Since the closing, Salum reportedly has been selling his firm's loans to other mortgage companies, Castellanos said.

Salum founded Popular Mortgage in 1995 after leaving Popular Mortgage Servicing Inc., according to a report on a business Web site.

"Popular Mortgage was a "small regional lender within the Miami region," Jose Caraballo, head of Source One Mortgage's Coral Gables, Fla., office, told MortgageDaily.com. "I'd estimate they did $20 to $30 million."

Popular Mortgage Corp. is not tied, however, to Popular Mortgage Servicing or parent Popular Mortgage U.S.A.

Popular Mortgage's retail operation, like its wholesale operation, was closed when its warehouse line was cut, according to Castellanos.

"If you can't get the money, you can't lend the money," he said, noting, "These are changing times."

Other mortgage bankers to recently collapse after losing their credit lines include Residential Loan Centers of America Inc., which shut down on Feb. 15 after Countrywide cut off its line; NetMore America Inc., which notified its third-party customers last week that demand had exceeded its lending capacity; and Realty Mortgage Corp., which suspended operations and filed for bankruptcy two weeks ago after it lost a $200 million line-of-credit with Countrywide.

Popular is the 32nd mortgage-related failure this year tracked by MortgageDaily.com.


Jerry DeMuth is an award winning journalist who has been reporting for four decades.

e-mail Jerry at [email protected]
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.


Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.



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

MBS

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