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Assured Lending Corp. - Wholesale - Agency, Alt-A, Subprime
2008-05-28
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Assured Lending Corp. sent out the following announcement to brokers on 2008-05-27:
"Due to the current market conditions in the mortgage industry, Assured Lending Corporation has decided to exit from the Wholesale Lending business effective immediately.
Assured Lending Corporation has had tremendous success in Retail Lending and will continue to focus our efforts in that direction."
According to an AE we spoke with, there were "at least 25" people in the wholesale division, "doing about 20 million a month in Conforming and FHA." AE's were notified by phone shortly before the announcement went out.
The wholesale division operated out of their headquarters in Cherry Hill, NJ. Assured also has an office in Port St. Lucie, FL according to CityTownInfo.com. A Google search reveals a dozen or so other offices in DE, FL, GA, IL, and PA in addition to several more NJ locations believed to be retail net branch affiliates. They are licensed in 19 states according to their web site, but active in only 12 according to our source.
See the thread about this company on our Discussion Forum. As always, contact us if you can provide additional details.
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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.
