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Assurity Financial Services, LLC - Retail, Wholesale - Agency, FHA/VA

2010-02-22

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President and CEO Calvin Hamler sent the following email out to broker clients announcing the planned closure of Assurity Financial Services this afternoon:

"Due to circumstances beyond our control, including a rapid, precipitous drop in production below levels necessary to sustain the company's operations, combined with the recent inability of the company to obtain the long term financing necessary to fund its loan production, it is with great sadness that we must announce the winding down of Assurity Financial Services, LLC. We will continue to fund loans for our wholesale and retail customers through Friday, February 26th, 2010. We will work diligently with our customers to assist in transferring loans in process scheduled to fund beyond February 26th, 2010 to lenders of their choosing who may be able to assist with their loan pipelines."

Hamler also provided us with a copy of a second, separate memo addressed to employees:

"The majority of you will be let go at the close of business on Friday, February 26th, with a small crew remaining behind to assist in an orderly wind down of the company to satisfy the obligations to its various stakeholders. Final paychecks for terminated employees will be issued on Friday, February 26th, 2010. We will make an exception to our long standing policy of paying commissions to our sales employees when loans are purchased off our warehouse line and will pay commissions on all loans that are funded thru Friday, February 26th, 2010. This way, everyone can have all of their money up front and no one will be waiting around for lingering commission checks as we clear off our warehouse line."

Based in Englewood, CO, Assurity Financial Services was licensed in 25 states and originated over $52 million per month on average during 2008. According to the web site, Assurity Financial had around 300 employees. Hamler wasn't immediately available for comment.


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Comments:

AZLender9 at 19:14 2010-02-22 said:
So, would this be considered a "changed circumstance" for the loans we have in the pipe with Assurity? {sigh} I really liked Assurity too. Permalink
mickblanco at 20:56 2010-02-22 said:
closed a loan with them in august. brought in great borrowers on a purchase. assurity was a complete nightmare. not even close to being on the ball. Permalink
AZDuffman at 11:39 2010-02-23 said:
I worked there a few weeks in 2008. Heck, they were the ones who told me abotu this site! I didn't stay on because the place was an unorganized boiler room IMHO. Their whole pitch was to get back your escrowed FHA premiums and other escrow like taxes. So you got a refund of this but rolled a new premium into the new loan. And if it took the borrower ten years to recoup the rate savings after all points and fees, so be it. Permalink
AKatz at 23:01 2010-02-25 said:
Glad to see that Assurity and all their dishonest tactics have finally led them where they belong. Fortunately, the fun is only just beginning! Permalink

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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.