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Axis Mortgage & Investments - Alt-A Wholesale Lender

2006-11-21

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This is a back-add, at the prompting of an industry source who sent the following note (though I've been hearing about Axis being "imploded" for a few weeks now):

[Axis is] a Division of The Biltmore Bank of Arizona. This Alt-A Wholesale lender located in Mesa, AZ closed on Nov. 21, 2006. The parent company - The Biltmore Bank of Arizona - felt that the current lending environment and current conditions of the real estate market warranted the shutting down of the mortgage operation. Axis had some buybacks, but compared to overal volume, a small %. Axis was funding about $75MM per month of Alt-A Mortgage loans, through a Broker network in 8 states. As $1 Billion per year originator, Axis fell under the radar when it came to getting any press on the closure.

The web site no longer responds. The Google cache has this notice, however:

Effective immediately Axis Mortgage and Investments is closed. We are no longer accepting locks and no longer funding loans; therefore current locks are rescinded. All files are cancelled immediately regardless of status, including loans with signed documents. Please direct all questions to your account executive.


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Comments:

loangirl09 at 01:33 2009-01-09 said:
Axis made brokers sign a section K that was in small print that made brokers basically liable for AXIS underwriting mishaps. I would advise depositing any money with Bitltmore Bank as they are sooo shady and run by a bunch of egotistical morons. Pull your money out of that bank now!! Permalink
Peter Gozinya at 18:14 2009-03-07 said:
Axis made brokers sign a section K that was in small print that made brokers basically liable for AXIS underwriting mishaps. I would advise depositing any money with Bitltmore Bank as they are sooo shady and run by a bunch of egotistical macaroons. Pull your money out of that bank now!!
so its sounds like you are implying that the Broker Agreement had "small print" for this particular section?

That's a ridiculous statement. The font size of any Wholesale Broker or Correspondent Banker agreement that exists is generally the same size throughout.

Be more specific please. And also show that this was exclusive to this Lender - or is it a paragraph that is similar in most Wholesale Broker agreements? 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.