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No Red Tape Mortgage - Wholesale Alt-A
2007-06-01
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TheTruthAboutMortgage.com reports on the closure of this Sherman Oaks, CA company. They write that No Red Tape specialized in Alt-A jumbo, which is a provocative testament to just how "subprime-centric" the mortgage lending implosion really isn't nowadays.
TheTruthAboutMortgage.com tells us that staff had already halved from about 100 employees to 50 in the first wave of the mortgage lending shakeup, and that loan volume shrank from about $300-400 million per month in 2005 to about $100-150 million last year, finally diving from $30 million/month for most of this year down to about $10 million last month.
No Red Tape's web site is still up. The next year will be an interesting test of how mega-lenders like Countrywide and IndyMac, in the same lending submarket, weather the same underlying delinquency problems that have forced these smaller competitors to close.
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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.
