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First Interstate Financial - Wholesale - Agency, FHA

2009-02-05

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Brokers were given notice on 2009-02-04 that First Interstate Financial would no longer be accepting new business through their wholesale channel. From the announcement:

- All loans in our pipeline that are already either submitted and/or locked will be honored.

- All current loans in pipeline must be locked by Wednesday February 11th. It is imperative that all loans close within the lock expiration. No extensions will be allowed.

Based in Shrewsbury, NJ, First Interstate Financial has retail sales offices in Paramus, NJ and Doylestown, PA with licensing in eleven more states per their web site. The retail channel remains in operation. Originations across both business channels in 2007 averaged $37 million per month.

We put a call into their headquarters for additional clarification. In the meantime, if you can provide more details feel free to send us an email. Comments below are also welcomed.


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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.