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Dynamic Capital Mortgage - Retail - Agency, Alt-A, Subprime

2009-12-03

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Voicemail no longer refers to the company as "Dynamic Capital Mortgage" or "DCM." Instead, the main phone for the Brookline, MA corporate office now identifies the company as "MCM." We asked to speak with Jeff Gerson, previously identified to us as the company's corporate counsel, and were told he is no longer employed.

Licenses have been surrendered and/or allowed to expire in all but one state where the company had previously done business. Attempts to reach the principals of Dynamic Capital Mortgage have yielded no response.

All things considered it appears Dynamic Capital Mortgage has ceased to operate and, despite a prior attempt to deny it, has indeed imploded.

Original Ailing Listing - 2009-08-28: Further investigation has revealed that Dynamic Capital Mortgage Inc. has non-renewed, surrendered and/or requested surrender of their licensing in at least four states.

Joanna Brooks in the South Carolina Department of Consumer Affairs reported the main and branch office mortgage broker licenses for Dynamic Capital Mortgage Inc. were 'non-renewed' and had expired as of 2008-09-30.

The State of Illinois' Division of Banking is a bit behind processing non-renewals for July and won't have current info available online until Monday. But Acting Licensing Manager Karen Harris told us that Dynamic Capital Mortgage Inc. did not apply for renewal. She gave us official confirmation that their license to do business in IL expired naturally on 2009-07-02.

Both Rhode Island and New Jersey confirmed Dynamic Capital Mortgage Inc. had surrendered its licenses there. A representative with New Jersey's Dept. of Banking and Insurance gave us a date of 2009-08-11. Rhode Island actually received a letter requesting the surrender of licensing from Dynamic Capital Mortgage Inc. with an effective date of 2009-07-31 according to Rebecca Specht, the Principal Licensing Examiner for the Banking Regulation Division. The license still displays as active on their list, but Specht put us on hold long enough to grab the file for herself to confirm the request was indeed there... it simply had not yet been "processed" in their system.

Original Ailing Post - 2009-08-18: By a Consent Order with the Commonwealth of Massachusetts' Division of Banks dated 2009-08-07, Dynamic Capital Mortgage, Inc. has agreed to cease originating in the state and will be prohibited from "engaging in the mortgage broker or mortgage lender business" in Massachusetts for a term of 36 months.

The action stems from a report issued to Dynamic Capital Mortgage following a state examination of the company's records that started on 2009-01-12. A "Findings of Fact and Temporary Order to Cease & Desist" (view cached copy) was issued regarding Dynamic Capital Mortgage on 2009-07-16, but a Superior Court order of the same date enjoined the Division of Banks from enforcing it. The Division issued a separate Temporary Order to Cease & Desist on 2009-07-16 against Natalie Vlasova, who had been a licensed loan officer working for Dynamic Capital Mortgage.

The Consent Order does not constitute "an admission by Dynamic Capital to any allegations made or implied by the provisions of the Report." It provides for an orderly closing out of the company's current pipeline of business over a period of up to six months, during which time Dynamic Capital Mortgage must "place said loan applications with one or more qualified broker(s) or lender(s)... with no loss to applicants." Principals Allison Horne, Drew Grandi and Steven Trowern will be prohibited from owning or managing a mortgage operation in Massachusetts for the next three years, but are not banned from becoming licensed originators or working for another mortgage company:

"Dynamic Capital's officers and directors agree that in the event that they accept employment as a mortgage loan originator with another entity licensed by the Division, they shall be prohibited for a period of thirty-six (36) months from the effective date of this Consent Order from taking an ownership position in such licensee and from participating, in any manner, in the responsibilities or duties of a control person of such licensee."

Jeff Gerson, introduced to us as the company's general counsel, stated that the Order only applies to Massachusetts and Dynamic Capital Mortgage is still licensed and doing business in other states. According to their web site (view cached) the company is licensed to do business in CT, DE, FL, IL, MA, ME, MD, MI, NC, NH, NJ, NY, PA, RI, SC, WV and the District of Columbia. A representative with the New Jersey Dept. of Banking & Insurance told us that Dynamic Capital Mortgage had surrendered its license in that state on 2009-08-11. It remains unclear what, if any, affect the action taken by Massachusetts will have on licenses in any of those other states. Gerson declined further comment.

Dynamic Capital Mortgage saw average production volume of over $30 million per month in 2007. Headquartered in Brookline, MA, the company lists 14 branch offices on its web site (view cached). Information from Dun & Bradstreet indicates Dynamic Capital Mortgage employs 160 people. There are just under 100 loan officers (view cached listed on the site.

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Comments:

mortgagemess at 18:09 2009-08-28 said:
Probably like many other mortgage companies....they do not meet the requirements to be renewed...so why bother? Permalink
karmababy at 18:04 2010-03-17 said:
This couldn't have happened to more deserving people. I worked there for a year and never met more arrogant, rude, unprofessional, spoiled rich people. They regularly verbally intimidated vendors, law firms and employees. I hope that criminal charges result. Permalink
BmoreLO at 15:29 2010-04-13 said:
I disagree with some comments on this forum. I worked for this company for several years and they were one of the last "good guys." I had great support, the owners and managers were smart and honest but they were just too small to survive the credit tsunami. My customers were always treated well and on every sales call they emphasized customer service, customer service, customer service. I have heard people periodically smear the company and I don't think it is fair or deserved. I think they had a hard time getting enough warehouse lines and finding good people. toward the very end - and I left before that came - they were hiring everone else's rejects. I was lucky not to be in the main office but they had [deleted] someone up there who brough a bunch of really mean, incompetent underwriters with her. [deleted] was one. [deleted] was another one. Closers were pretty good and stayed late. So did the secondary guys. All the other ops at the end was pretty much second rate. Permalink
Robin at 17:17 2010-04-13 said:
Please refrain from naming individuals in your posts - it is unnecessary, possibly hurtful, and clearly against our forum policies. http://implode-explode.com/forum/viewtopic.php?p=258438 Permalink
BmoreLO at 17:25 2010-04-13 said:
Robin,

I object to you censoring a candid post. it is important for readers to understand if bias exists. and to be honest the entire site seems to be a hurtful gossip site for people to spread rumors about mortgage companies. that is certainly within reason but the gossip should be two-way. Are you in any way affiliated with other readers who have posted on this forum? Permalink

Robin at 17:34 2010-04-13 said:
Robin,

I object to you censoring a candid post. it is important for readers to understand if bias exists. and to be honest the entire site seems to be a hurtful gossip site for people to spread rumors about mortgage companies. that is certainly within reason but the gossip should be two-way. Are you in any way affiliated with other readers who have posted on this forum?

I am simply asking you comply with our posting policies in my role as a Forum Moderator. My only affiliation is as a member of and contributor to this site. If you have additional concerns, please correspond with me directly via the email/pm links provided or through the site at ml-feedback@ml-implode.com. Permalink
terps89 at 17:15 2012-09-24 said:
Heard Cody Kessler was heavily involved with this company yet somehow runs the Kessler Lending Group. You would hope there was a better way to flush these crooks out of the industry forever. 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.