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Allstate Home Loans / Allstate Funding - Wholesale, Retail Alt-A, Subprime
2007-08-28
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stories: thetruthaboutmortgage.com
We have learned that Shearson Financial has shut down Allstate Home Loans (DBA Allstate Funding). The Truth About Mortgage reports:
Allstate Home Loans, DBA Allstate Funding, which was bought out by Shearson Financial in August of 2006, has ceased wholesale and retail lending operations and is in the process of being shut down completely. ...
Three weeks ago [VP Doug] Lawrence resigned, and the following week the company halted all operations and was said to be in the process of being shut down.
Allstate Funding specialized in Alt-A as well as some subprime loans, averaging $50 million a month in fundings, with a high of $70 million in its best month. ...
Allstate had 11 branches throughout the United States, with 75 employees at its main office in Irvine, though all employees have since been let go as a result of the closure.
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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.
