All Fund Mortgage - Subprime, Alt A

We first started hearing things about All Fund Mortgage back in late-April when an article was published citing unpaid wages and expenses:

All Fund Mortgage, a Tacoma company, is behind in payments owed to employees as it faces money troubles.

One manager, Len Richard, has filed a claim with the California Department of Industrial Relations for about $18,000 in unpaid wages and expenses. Richard joined All Fund in December and operates a one-man office in Beverly Hills.

All Fund also has been ordered to repay dozens of Federal Housing Administration-insured loans, according to court records.

The article goes on to note that All Fund Mortgage had emailed employees with expectations that problems would be "under control by late April or early May."

It would seem things have yet to be resolved. Early June, BrokerUniverse.com posted an article on their What We're Hearing page noting the following:

THIS JUST IN: Two more managers for All Fund Mortgage have stepped forward and told National Mortgage News that they have not been paid in several weeks. (Typically, All Fund used to pay within 48 hours.) One manager, requesting anonymity, said she has not been paid since April and is owed close to $8,000. "They are not returning my phone calls or e-mails," said the manager who is based in the South. NMN has published two stories on All Fund's woes and is working on a third one. ...

"Stay tuned ..."

Update: 2007-07-05

An article made the news today about All Fund Loan Officers not getting paid:

Loan officers who work for a Tacoma mortgage company that told state officials in May it was closing say they continue to go without pay.

One employee filed a lawsuit in Pierce County Superior Court on Monday, others have submitted wage claims.

All Fund Mortgage remained open Monday but company officials could not be reached for comment.

Last week, executive vice president Paula Hatton said that only company President Chris Dunn could speak to the media but that he was out of town. Dunn did not return a call Monday afternoon.

Loan officers waiting on months-delayed checks say they can't pay their bills and are facing ruined credit and foreclosure.

Is All Fund imploded? If anyone has further data, please email us.