Pacific American Mortgage (PAMCO) - Wholesale Alt-A
2007-08-15
We have received word from numerous informants that Pacific American Mortgage (PAMCO) (pamcorose.com) has ceased accepting submissions. Per the PAMCO website:
It is with great sadness that we must announce that Golden Empire Mortgage, Inc. has halted its wholesale lending operations. PAMCO is no longer accepting new loan submissions or locks. If you have a loan in process or have a questions about your current loan submission, please contact your Account Executive for status and assistance or call our office at 916-789-1110 We've appreciated the opportunity to serve you.
One informant described their operations at peak thusly:
... in 2006 ... at the height [they] did about 70 to 80 million in alt-a business in the Sacramento market area. In the last few months I heard that funding were only at 8 or 9 million
Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). 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.