Mercantile Mortgage - Subprime? Alt-A?
2007-08-16
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Update 2007-08-17 2:45: We have been contacted by Mercantile Mortgage and supplied with an official statement regarding the current status of Mercantile Mortgage's operations, which they indicate as "temporarily suspended". It is included below.
Original posting:
We received word today that Mercantile Mortgage (mercantilemortgage.net) has ceased operations and fundings. Per an email sent from a Mercantile Mortgage employee:
I was just informed Mercantile Mortgage has ceased operations and fundings. If you have files in process or fundings pending you will be contacted by management at Mercantile Mortgage.
...
I cannot be contacted via Mercantile email effective immediately.
From another employee's notice:
I regret to inform you as of today August 16th, 2007 Mercantile Mortgage will not be closing any loans. Do to the market condition and currents changes with in our industry we are unable to fund loans. Thanks again for all the business over the years!
We have yet to determine Mercantile's peak monthly loan volume or number of employees. Mercantile Mortgage was in business for 21 years.
Original posting:
Mercantile Mortgage Announcement
8.17.2007
Mercantile Mortgage Company, based in Columbus, Ohio, has not closed the company. Mercantile Mortgage Company has temporarily suspended branch field office operations to assess the dramatic market changes over the last few days. Significantly reducing expenses to allow the company to evaluate the market over the next 2 weeks and maintain its operations center for all functions, including lending, is a strategic financial move.
The company's warehouse credit line facility is still open to fund loans when it deems prudent. MMC has the capacity, at any time, to process and close loans at its operation center, which can be supported by a limited number of field reps. The field offices would not prohibit continuing operations and could be reopened at any time.
The market conditions will dictate the timing of full resumption of operations, should conditions begin improving.
For any questions, contact Bran Silveous, CEO, at 614-543-1000 or bsilveous@mercantilemortgage.net.
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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.