W.J. Bradley Mortgage Capital LLC has decided to call it quits after 17 years in business. Hundreds of employees are potentially impacted.
The Centennial, Colorado-based firm was originally founded as W.J. Bradley Co. in 1999 by its chief executive officer, William J. Bradley.
Residential loan originations, which had been as high as
$6.4 billion during 2012, had declined more recently — to just $2.459 billion last year.
Staffing, which had exceeded 1,500 employees in 2013, had fallen to just 500 people more recently, according to a LinkedIn profile for the firm.
Data from the Nationwide Mortgage Licensing System indicate that the company sponsors 94 mortgage loan originators.
W.J. Bradley says it operates 70 branches
and originates in 46 states.
In 2013, the lender picked up more than 300 originators and
23 branches from Legacy Group Lending Inc. — a company that reportedly originated $1.6 billion in 2012.
W.J. Bradley notified its customers
in late 2013 about a potential data breach after it discovered that former employee Shelly Logemann allegedly took computer files with her when she went to work for RPM Mortgage Inc.
A notice currently displayed on W.J. Bradley’s website indicates that
it stopped funding new loans on Sunday.
“On March 13, 2016, W.J. Bradley Mortgage Capital and related companies (collectively “W.J. Bradley” or “company”) approved an orderly wind-down of the company,” the statement says. “After consulting with its advisors, the company determined that an orderly wind-down is in the best interest of the company, its creditors and other stakeholders.”
No reason was given for the firm’s demise.
As of Tuesday, there was no layoff notice for the company reported by the Colorado Department of Labor and Employment. Such notices are required under the Worker Adjustment and Retraining Notification Act at least 60 days prior to planned layoffs of at least 50 employees — though WARN notices are often not filed by companies going out of business.
“It is hoped that undertaking the wind-down through this orderly process will reduce costs, avoid additional liabilities, minimize the impact on existing customers and maximize the value of the company’s assets,” the website states.
