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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Mortgage Lender, Credit Union Close Down

Recent mortgage-related closings

Oct. 27, 2015

By Mortgage Daily staff

A small financial institution located in the Northeast has failed, while a 40-year-old multi-state mortgage lender is in the final stages of closing its doors.

On Oct. 16, Helping Other People Excel Federal Credit Union was placed into conservatorship, the National Credit Union Administration announced.

The Jackson, New Jersey-based organization was chartered in 1978 to serve people who live, work, worship or attend school in Lakewood, New Jersey.

Helping Other People Excel had just 96 members. Its assets were less than $0.3 million.

The NCUA noted that members of the failed financial institution can continue to conduct normal financial transactions through Pinnacle Federal Credit Union, which will operate Helping Other People Excel during the conservatorship under a management agreement with NCUA.

"While normal member services continue, NCUA will work to resolve issues affecting the credit union's safety and soundness," the regulator said.

Mortgage Daily has tracked the demise of 12 credit unions so far during 2015.

A news release Monday indicated that First Mortgage Corp. is ending operations.

The Ontario, California-based company had been in business for more than four decades.

"FMC focused on making home loans to first-time home buyers, persons with lower credit scores, the working poor and other persons otherwise under-served by America's large financial institutions," the statement said.

FMC noted that it stopped originating new loans in July. Previously reported data indicated that it had closed nearly 100,000 loans since it was founded in 1975.

Branches of FMC were reportedly operated in Arizona, California, Nevada, Utah and Texas.

Its servicing portfolio, which had exceeded 30,000 loans, and its investment portfolio is expected to be sold off shortly.

In July, Freedom Mortgage Corp. disclosed that it had acquired some of FMC's assets and hired some of its employees.

FMC noted that it maintained low delinquency rates.

In all, three non-bank mortgage businesses have ended operations this year, according to the Mortgage Graveyard.

Including banks, credit unions and non-bank mortgage-related entities -- Mortgage Daily has tracked 23 mortgage-related businesses that have failed or closed down so far this year.

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