Heartland Wholesale Funding - Wholesale

Update - 2007-12-27: Tips poured in after we posted this Implosion. We learned the actual Account Executive body count was 22 (down from 40 in the last round of layoffs), all terminated by email. We called one AE and he had no idea what was happening until he tried to find his own company's web site. In an ironic twist, CEO Don Williams, the person who originally went to Crevecor to bring them on board, "is expected to be let go mid-January," according to a source. Funny how the AE's are willing to give Don notice.

Original post - 2007-12-26: Heartland Wholesale Funding has closed. From their web site:

"Due to turbulent market conditions facing our industry, Heartland Wholesale Funding has elected to exit the wholesale residential lending business, effective immediately.

Please be advised loans must close, with all conditions met, by Monday 12/31/07."

We contacted Heartland and they refused to provide any comments when asked if they were continuing their Retail Mortgage business.

Heartland Wholesale Funding is a division of Heartland Bank, FSB of St. Louis MO. Licensed in 48 States, at this point we count 25 AE's and around 40 operations staff will be let go. If you have more information, updates or corrections to this Implode, please email us directly.

More information and personal experiences can be found on our Forum at Heartland Exiting Wholesale. Please join and add your experiences.