Heartwell Mortgage - Wholesale, Retail

Update - 2008-05-28: A former employee who saw our listing here emailed with more detail on the company, saying "our wholesale numbers were about 30-40mil a month, retail was 8-10. Those numbers were normal times, was much better during the boom much lower at the end." We asked about peak volume, employees, etc. and received this response:

"140 employees, 10 branches SC, IN, OH, FL with HQ in Grand Rapids, MI.

80mil wholesale side (iirc) I think we did 24mil for our best month in Retail."

Update 2007.06.27

Subsequent to posting this data, we have received additional confirmation of Heartwell's closure by way of a news article. It would seem that all of Heartwell has imploded:

Heartwell Mortgage, the longtime lender based in Grand Rapids, says it will close its retail and wholesale operations as of this Friday.

In a statement issued this afternoon, Heartwell president David Bird said, "This was an extremely difficult decision, but necessary due to the current housing environment and the increasing difficulty for a mid-sized company like us to compete."

....

Heartwell Mortgage was founded in 1970 and has offices in six states.

Based on this information, we have now listed Heartwell's retail and wholesale operations as "imploded".

Original Listing - 2007-06-26: The following memo was released on June 15^th (Cached version on Heartwell website):

Memo: HMC-6-15-2007
Subject Line: Important Announcement

Heartwell Mortgage Corporation is announcing its decision to exit wholesale and correspondent lending effective June 18, 2007. The company will no longer accept new wholesale or correspondent loan applications or loan locks after this date. The existing loan pipeline of locked loans will continue to be processed up to their expiration dates.

This was a strategic decision by Heartwell to strengthen its focus on its retail, loan servicing and sub-servicing channels of business and to further its expansion in these areas.

To our valued wholesale and correspondent customers, we say thank you for your previous business and support. We sincerely appreciate our business relationship and wish you good luck in your future business.

We are trying to find additional information regarding the size of Heartwell's Wholesale and Correspondent lending operations. Should you have any information, please contact us.