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Prospect's Metrocities Mortgage - Wholesale - Agency, FHA
2008-10-15
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stories: marketwatch.com
An announcement sent out to brokers this afternoon stated that Metrocities Mortgage LLC, a wholly owned subsidiary of Prospect Mortgage LLC, was exiting the wholesale lending business.
"Today’s ratesheet will be the last ratesheet we publish. We will be accepting locks thru the end of business today October, 15th, 2008, and will work to close our existing locked pipeline, as smoothly as possible."
Click here to view their final ratesheet. Parent company Prospect Mortgage, LLC recently acquired Indymac's retail branches becoming "one of the largest independent retail mortgage companies in the country." Prospect had previously been in talks for CTX Mortgage's retail offices. Obviously, wholesale was not the focus here.
An AE we spoke with said they were given "no warning," told about the closing on a 10-minute conference call. "It's a big shock," the source said.
Stay tuned as we update this listing with incoming details. Contact us if you can provide specifics with regard to volume and the number of employees affected.
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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.
