Expanded Mortgage Credit Wholesale - Wholesale Subprime, Alt-A

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2007-09-12

Sources have written in today to notify MLI that Expanded Mortgage Credit, a division of Home Loan Corporation, will be ceasing operations in its wholesale subprime division. One notice sent out by an EMC employee that was forwarded to us notes the following:

Hello Everyone

As of today September 12, 2007 EXPANDED Mortgage Credit has decided to CLOSE their Wholesale Division effective immediately.

If you have any loans in process Expanded Mortgage Credit will cancel those files and return them to the assigned brokers.

And another such email:

A million thanks

Expanded Mortgage Credit

Has ceased operations effective today

Only closed loans will be funded

We have learned that, at peak, Expanded Mortgage Credit Wholesale did approximately 1.2 billion in wholesale loans and had around 500 employees. We do not know, how many of these employees have been or will be affected by the Expanded Mortgage Credit Wholesale ceasing operations.

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Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). 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.