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.



Investment Banker Phases Out Wholesale

W.J. Bradley still acquiring direct originators

August 1, 2007

By PATRICK CROWLEY


photo of Patrick Crowley
A Colorado investment banking firm specializing in acquiring mortgage brokers has scuttled its wholesale lending operation and changed strategies amid the continuing challenges of the subprime market.

About 25 employees out of more than 1,500 that work for the companies in W.J. Bradley Co.'s portfolio have lost their jobs, spokesman William F. Campbell confirmed in an e-mail to MortgageDaily.com.

"W.J. Bradley is an acquirer/aggregator of mortgage companies; it is not a lender, so there is no W.J. Bradley wholesale business per se," Campbell said. "It is wholesale business within Bradley's portfolio companies that is being phased out. Similarly, the company won't pursue pure wholesale companies in its acquisition pipeline."

According to a statement, wholesale originators accounted for less than 3 percent of Bradley's portfolio companies. The mortgage brokers and originators working for Bradley's holdings are on pace to originate more than $4 billion in residential mortgage loans this year, the company said.

"The economics and risk/reward metrics of small-scale, wholesale lending have deteriorated significantly over the past year, making it hard to justify the investment of both management time and capital," William Bradley, president and CEO, said in the statement.

The company said it would "no longer entertain wholesale acquisition opportunities and will focus exclusively on acquiring retail origination platforms."

"Going forward, we intend to invest exclusively in retail originators, either mortgage brokerage or banking operations, and to accelerate the pace of our acquisition program," Bradley said. "Our goal is to acquire an additional $10 billion in retail origination volume within the next 12-18 months."

Morgan Financial, one of W.J. Bradley's portfolio companies, had been considering starting a wholesale unit, which was to have been called Morgan Direct, and would have aggregated the "small amount" of wholesale business that existed across all of Bradley's portfolio, Campbell said.

That plan has been shelved, he said.

Campbell said there has been some misinformation posted on the Internet that Stonecreek Funding, which Bradley is in the process of purchasing, is closing. But Campbell said that acquisition is still pending.

Scott Garner was hired about two months ago as an account executive for what would have been a Morgan Direct office in Scottsdale, Ariz. But as part of Bradley's actions he and seven other employees in the office are out of work.

"Everyone in the subprime market has sort of hit the wall," Garner said in an interview with MortgageDaily.com. "The monthly volume was not very high here; the business really wasn't there."

For Garner, it was the second time in three months he had been downsized because of problems in the subprime market.

"With everything that's going on, it's just the nature of the market right now," he said.


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.


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.



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.


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