AMC Lending - Wholesale
2007-11-05
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AMC Lending of Salt Lake City UT has closed shop. This does NOT affect Retail operations. With peak wholesale business this year running around 30-million per month, about 20 employees were affected by the closure. A few were retained and brought over to the retail side.
The product mix was 50/50 'A' paper and 'Alt A.' According to Duane Shaw, Owner/President, he was
"...not comfortable with the quality of loans originated by Brokers"
AMC Mortgage of Salt Lake City is a DBA of Academy Mortgage Corporation, Salt Lake City. Mr. Shaw says Academy Mortgage is a "healthy" retail lending operation with 24 offices located in 6 western States. "This closure does not affect our Retail operations."
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.