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Premium Funding Corp - Wholesale Alt-A, Conforming, Subprime
2007-08-30
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We have learned that wholesale lender Premium Funding Corp (premiumfundingcorp.com) has ceased funding loans. Per one source:
Premium Funding Corp. closed its operations yesterday at 5PM.
I received an e-mail telling me they closed. I had business there being underwriten. No explanation, just said:
"Unfortunately, we are out of business as of yesterday at 5 p.m. I am unable to fund your loan. I appreciate your inquiry. If there is anything I can do to help you let me know."
We are working on assessing the size of Permium Funding Corp's operations. If you can supply information about the number of employees affected or Premium's peak loan volume, contact us and we can complete this entry (or remove it in the event Premium registers too small for inclusion).
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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.
