New State Mortgage Company - Wholesale
2007-10-12
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Back-add, today is 10/18/2007: Several tips have come in regarding the closure of New State Mortgage Company of Merrillville, Indiana. In a letter posted on their web site, President Garry Aloia speaks to the closure:
As such, as owner of New State Mortgage Company, I have decided to permanently cease all wholesale lending operations. New State will honor all registered loans and will expeditiously fund all transactions in our pipeline. However, beginning immediately we will not accept any new loan originations.
Described as "a very large player in the wholesale second mortgage arena in the midwest area," New State is considered a "HUGE" loss.
According to figures supplied by HUD, New State Mortgage funded $500 to $570 million per year in 2003 thru 2005. If you have any information regarding this year's volume, or current number of employees, please let us know.
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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.