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.



Lender Shutters Operations

SCME had originated $5 billion annually

October 2, 2007

By PATRICK CROWLEY


photo of Patrick Crowley

A national lender that closed as much as $5 billion annually has closed its field operations and isn't talking about whether further business will be conducted from remaining operations at the California headquarters.

SCME Mortgage Bankers is shutting down the majority of its branch operation.

Branch managers at two of SCME's branches -- Denver and Milford, Conn. -- confirmed that the company was shutting down outside of its home base of southern California. It was unclear if the company will continue to operate in San Diego and elsewhere in California; company managers did not respond to MortgageDaily.com's requests for a statement.

Callers to the SCME Denver office were greeted with a sobering message from manager Lynette Grunefeld, who says in the recording that the office is shutting down.

"As of Sept. 28 we have ceased doing business," Grunefeld says in the recording. "We do regret that."

Grunefeld then tells any brokers calling that loan documents will be returned so the business can placed "elsewhere."

Reached on her cell phone Grunefeld confirmed the closing but referred calls to SCME's home office in San Diego.

The same went for Jim Lynch, who answered the phone at the Connecticut branch office.

"Yeah, we're closing," said Lynch, who referred the call to SCME's main office. "If you want more information, talk to headquarters."

SCME funded $5 billion in loans in 2005 and "proves year after year to be one of the fastest growing full-service lenders in the country," according to its Web site.

Manta.com, which tracks business activity, says on its Web site that SCME has 290 employees and posted sales revenue of $22.6 million last year.

SCME operated 11 branch offices in California, Connecticut, Florida, Utah and Colorado and did business in 29 states, according to its own Web site. The company was founded in 1984 by President and CEO Joe W. Davies and Executive Vice Presidents Doris Davies and Lili Houlihan -- who focused on government lending in San Diego.

In 2005, the company launched wholesale nonprime lender Clearpath Lending Solutions, which reportedly used an automated loan product and pricing engine.

At the time, an executive said it was the right time to get into subprime lending.

"Capitalizing on the growing mortgage market, the corporation gradually began to extend its services to offer retail, wholesale and correspondent lending," the company says on the Web site. "Proving to be a strategic move, Southern California Mortgage Exchange expanded its lending operations throughout California opening additional branch throughout the state in the late 1980's."

According to AllMortgageDetail.com, which tracks mortgage activity under numbers from the U.S. Department of Housing and Urban Development, SCME processed about 35,300 loans in 2005. Nearly 22,000 of those loans were refinancings.

The company was recognized as the 25th largest U.S. wholesale lender during 2005, according to its Web site. SCME also claims to have been ranked as the 9th biggest option ARM lender and the 17th largest Alt-A lender in the fourth quarter of 2005.


Patrick Crowley is a feature journalist and blogger for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer.
e-mail Patrick 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.


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.



Logout forgot
password?

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