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2 Wholesalers Close

Alterna, Solutions end operations

April 11, 2007


photo of Paula Parisot
Paula Parisot

Two niche wholesalers have ceased operations.

Alterna Mortgage reportedly halted operations during the last week.

A woman identifying herself only as "June" answered the main phone number at the Mt. Olive, New Jersey-based company and told MortgageDaily.com, "The company has ceased operations."

Alterna executives were unavailable for comment.

Alterna's Web site gives no indication the company has closed but still describes the company as "an aggressive wholesale ALT-A lender specializing in alternative documentation programs," such as multiple doc-type, no-doc up to 100% and "great pricing" for 620 scores.

"ALTERNA products often allow less documentation in certain areas when there are other demonstrated strong areas," the site says. "Compensating factors are strongly considered to offset minor weaknesses. Each program is designed with certain borrowers in mind."

In Jacksonville, Fla., Solutions Funding Inc. also called it quits.

Solutions's niche was government loans, Adam Rieke, senior vice president of production and operations, told MortgageDaily.com.

"FHA is an area where we really cut our teeth and created a nice footprint for ourselves in the Chicago market and it is my desire to continue, whether it's with Solutions or another institution, creating new homeownership opportunities with the FHA product," Rieke said in a brief phone interview. "It's my opinion that product is really poised for a comeback -- with the subprime fallout today."

Solutions "boasts a team of seasoned FHA/Direct Endorsement underwriters who understand the spirit and the intent of these government-lending programs," according to its Web site.

Solutions' "underwriters take a more thoughtful look at loan files, which may get overlooked OR "referred" by AUS, by manually underwriting these FHA and VA scenarios," it continues. "SFI prides itself on providing FHA/VA financing to individuals who may otherwise find themselves in a "sub-prime" mortgage product, with pre-payment penalties and "above-agency" interest rates."

The Web site gives no indication of a company closure, although the last rate sheet update was dated April 6, 2007.

Rieke declined to discuss the current situation with Solutions Funding but did say that he had sold his controlling interest in the company last June.

Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry.

e-mail Paula at: [email protected]

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