A Dallas-based subprime wholesaler is shutting down.
First Consolidated Mortgage Co. is closing down, a woman who answered the office phone confirmed to MortgageDaily.com today.
MortgageDaily.com’s request for further information was not immediately answered.
A month ago, the wholesaler told its brokers it would stop accepting subprime business. At the time, it said it would focus on loans to Hispanic immigrants without social security numbers.
Among programs still touted on the company’s Web site are 100 percent loan-to-value programs with “very aggressive rates” where “credit scores not a factor;” 95 percent LTV with 12-month bank statements or self-employed stated income; and a hybrid program that combines verified income with stated income.
First Consolidated reportedly operated in 30 states — offering second liens in many. Loan amounts ranged from $50,000 to $1 million.
No approved appraisers were required, the company’s Web site said. Instead, in-house underwriters reviewed appraisals.
First Consolidated started business in Texas during 1994 as a subprime lender, according to its site. It reportedly attempted to provide mortgage brokers with the speed, accuracy and accessibility they were lacking at the time.
