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Equity Funding Group - Subprime
2007-07-31
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A back-add (Today is 2007-08-28), multiple sources have written in to note that Equity Funding Group (efgsubmit.com) had suspended taking new submissions. Their website has been replaced with the following notice:
Effective 5:00pm on July 31, 2007, Equity Funding Group will no longer be accepting new file submissions. Please call 703-365-7800 or email Shannon Johnson for an alternative company providing silimar programs. Files that are currently in process with Equity Funding Group will continue to be processed, closed and funded as usual.
One source described Equity Funding's operations thusly:
EFG was mainly a 2nd mortgage and Equity line company. I know that they were lending across most of the country. They also did 125% combos.
We've yet to determine how many employees were affected by EFG's closure. We could also use information regarding their peak loan volume. If you have any of this information, please let us know
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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.
