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Subprime Unit Consolidated

ComUnity Lending to consolidate subprime wholesale unit

February 10, 2006

By MortgageDaily.com staff


A California-based net branch operation has consolidated its 2-year-old wholesale, nonprime arm.

ComUnity Lending announced Thursday the consolidation of CreditFlex Funding offices and staff into its larger operations.

The move by the operator of more than 100 branches in over 40 states provides better loan options and service to existing customers, according to the statement.

ComUnity, reportedly founded 25 years ago, noted it continued to provide nonprime products directly to its existing customers when it launched the program in late 2003.

"We wanted to focus on providing a wide variety of products to our brokers, and found that having two separate divisions offering the same products was becoming redundant," said Jayson Stebbins, a ComUnity executive, in the announcement. "This is not a reflection on CreditFlex's success -- in fact, the division was very successful in developing new business in the nonprime lending arena for us."

Existing CreditFlex offices across the country will become offices of ComUnity, which says it is consistently ranked among the top 100 mortgage companies in loans funded annually.

Employees of the consolidated operation will have similar positions to those at the Morgan Hill-based parent.


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