Mortgage Daily

Published On: November 16, 2007
We’re Still HereFirst Consolidated still operating direct business

May 7, 2007

By SAM GARCIA

The president of First Consolidated Mortgage Co. says last week’s confirmation that the company had shut down was just a mistake.

On Thursday, MortgageDaily.com confirmed with a spokeswoman at the Dallas-based company’s office that it was closing down.

But the company’s president, DeWitt Ray, said they are still in business.

“I don’t know why she said that,” he told MortgageDaily.com in an interview today. “Whether she was thinking the wholesale side or not I can’t tell you.”

First Consolidated announced in April it would exit the subprime wholesale business.

“It wasn’t happening, wasn’t making sense,” he said.

Now the company, trimmed down to five originators, originates only direct business, according to Ray. Their new niches now include conventional, Alt-A and the Hispanic market. They plan to stay small.

“We all got a little bit overzealous and were thinking that all these products that the investors from Wall Street were putting out there were successful,” Ray said. “That’s what we all needed to sell.

“I have a great deal of respect for those folks that got out there and decided not to pursue that type of business.”

Related:

Texas Wholesaler Closes
A Dallas-based subprime wholesaler is shutting down.


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