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New Vision Residential Lending - Prime, FHA, Alt-A, Non-prime
2008-03-12
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New Vision Residential Lending, a division of National Bank of Kansas City based in Overland Park, KS, will be closing its doors as of 2008-04-01. We received numerous emails from brokers notified by their AE's after the close of business yesterday. One AE wrote:
"This is not because the company hasn't been profitable or that we've done anything wrong -- it's simply do to the OCC wanting our bank (National Bank of Kansas City) to get back to its roots of doing "traditional banking." It's really unfortunate because New Vision has done a lot of amazing things in a very short amount of time. We started out as a company doing strictly subprime to switching to a company basically doing all conforming and FHA lending (which of course needed to happen)..."
According to their web site "About Us," the wholesale lending unit was only just established in 2007. A tipster told us "Most of the management and AEs came from First Horizon's closed subprime wholesale operation last year."
Details are still coming in, so let us know if you have more information regarding layoffs and/or dollar volumes.
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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.
