Priority Funding Mortgage Bankers - Retail & Wholesale

Update - 11/01/07: The following notice is posted on the company web site:

We regret to inform you that due to current market conditions, we have ceased our operations ., we are not accepting loan submissions and cannot continue to process loans previously submitted. We thank you for the business and support and wish you all the best in your future endeavors.

Alert - 10/23/07: Please be aware that Priority Funding Mortgage Bankers is not affiliated with Priority Lending Mortgage Corp., Santa Rosa CA.

Original entry - We have received word that Priority Funding Mortgage Bankers, dba "Priority Funding" of San Ramon California is closing it's doors effective immediately. There is no notice on their web site. Per their site, lending focus may have been focused on the ITIN market:

"With the use of an ITIN (individual tax identification number) and other alternative credit sources, we can fund a 88% LTV/100% CLTV purchase or refinance in as little two weeks."

Looking at their rate sheets, they appear to be primarily Alt A, licenced in 8 Western States. We will try to get more current information. Calls left on 10-22-07 morning were not returned at the time of this writing, although one source confirmed the AE's were told of the news this morning. If you have any information regarding this year's volume, or current number of employees, please let us know. We currently believe about 40 people may be affected by this closure.

We look forward to updating this news when more information becomes available from the company.