Heartland Wholesale Funding - Wholesale
2007-12-26
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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.
We've heard rumors that Crevecor Mortgage moved their people here in May 2007 when Crevecor closed.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.
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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.