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Fortes Financial - Wholesale - Agency, FHA

2008-11-24

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Caught on little or no notice, brokers alerted us to this announcement on Fortes Financial's web site:

After careful thought and consideration, the Board of Directors of Fortes Financial, Inc has decided to wind down operations of the company and its divisions as of November 24, 2008.

Effective immediately, Fortes will not be accepting any new loan submissions nor will it fund any loans currently in the existing pipeline.

It's not often a wholesaler is caught in a position like this, so we're digging for more info. One tipster was expecting a closing today and reported "I just had a funding fall out at Fortes..." As it stands, we're given to believe a sudden shutoff of the warehouse line (several sources think it's Wachovia) is to blame. Stay tuned as we strive to get more information.


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Comments:

BobbaLouie at 16:15 2008-11-24 said:
Pretty crappy when a company fails to give you a little notice so you can wind down your deals. Permalink
South of SA at 14:56 2008-11-25 said:
It also pretty crappy when you are an account executive for the company and they put you on a conference call with the whole company at 10:00 pacific and tell you today is your last day we are closed and not funding any loans even those in recission or that have funding numbers awaiting the wire. No notice was given to any one and the only active warehouse line was Wachovia. So that goes to show if your primary investor pulls out you are done. .. :o Permalink
BobbaLouie at 15:08 2008-11-25 said:
It also pretty crappy when you are an account executive for the company and they put you on a conference call with the whole company at 10:00 pacific and tell you today is your last day we are closed and not funding any loans even those in recission or that have funding numbers awaiting the wire. No notice was given to any one and the only active warehouse line was Wachovia. So that goes to show if your primary investor pulls out you are done. .. :o
This is not the first time Bobba has seen this happen and it won't be the last, that's for sure. Permalink
HawaiiBroker at 22:23 2008-12-08 said:
I funded a few loans with them before. But even at the bitter end they couldn't straigten their act enough to have DO for brokers. Permalink
changehappens at 17:56 2009-01-05 said:
Giving little or no notice is a reflection on management, how poorly they perform. A company knows when they are in trouble long before they are forced to close, some CEOs / management just close their eyes and wish for a miracle at the expense of their employees or have egos that don't care much about others. We know there are companies who actually care about their clients and employees, unfortunately Fortes Financial does not appear to be one of them. I looked up the CEO of Fortes Financial and his name is Peter Lavasseur, the difference between a failed CEO like Pete Lavassuer and a regular employee losing their job is that Pete was directly involved in the bad decisions that resulted in Fortes Financial's failure. Managers like Pete are at fault for thousands of employees losing their jobs and the impact this has on families. Pete, hope you always treated your employees with respect...slim chance. From the posts already stated sounds like Pete Levassuer is in the loser category for the cowardly manner in which he chose to close the doors of Fortes Financial, treated his clients and employees...shame on you Pete Levassuer. Good luck finding a job Pete and you should just hope that whatever new employer you snow doesn't treat you like you treated past clients and employees. Hope Pete Levassuer accepts the responsibility that the failure of yet another mortgage company falls squarely on the shoulders of yet another failed CEO, yes Pete, thats you. Lesson learned Pete Levassuer...maybe? Only his ego knows for sure. 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.