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ResMAE Mortgage Corp. - Wholesale

2007-11-05

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This is an update of an original IMPLODE we did on February 13, 2007. There are multiple updates to this posting.

Owned by Citadel Investment Group, ResMAE Mortgage Corp. of Brea, CA has stopped accepting submissions as of this morning. AE's began emailing their Broker clients about the shutdown, and then they have a very long lunch ahead of them.

"We got the news in a 9:00 am conference call."

Our source tells us 80 AE's and a little over 100 operations personnel have been let go.

In a quote from RealtyTimes.com:

"Last week, ResMae Mortgage Corp. of Brea, California, filed for bankruptcy, citing investor demands that it buy back $308 million in defaulting loans."

The ResMAE web site, as of 10:40 am (PST) is down. We attempted to call the company for an official statement, could not get an answer. HUD shows 2005 volume was over 15 billion, with no figures available for 2006.

As more information comes in we will update this post. Please contact us.

Original Implode - 2007-02-13 The company has filed chapter 11, and is being kept on life support by Credit Suisse. The company claims it will continue to operate.

Stay tuned for more updates.

Update, March 5th, 2007: In a surprise, ResMAE was bought out by hedge fund Citadel, not Credit Suisse as expected.


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Comments:

onetoughcookie at 16:28 2008-06-19 said:
I saw this ad today for Resmae Mtg... Anyone know anything about this? I thought they were closed down?

http://www.linkedin.com/jobs?viewJob=&jobId=557339

Senior Mortgage Operations/Credit Policy Subject Matter Expert at ResMAE Mortgage CorporationLocation: Chicago, IL (Greater Chicago Area)

Apply Now Type: Contract Experience: Mid-Senior level Function: Finance Industry: Financial Services Posted: June 16, 2008 LinkedIn Exclusive — this job is available only on LinkedIn

Description Senior Mortgage Operations/Credit Policy Subject Matter Expert

ResMae Mortgage Corporation is looking for a highly experienced Senior Mortgage Operations/Credit Policy Expert in its build out of an optimized loan production infrastructure.

Responsibilities include:

• Creation of underwriting guidelines, product and pricing matrices, condition rules, pricing adjustment rules, and fee rules that will be programmed into an AUS • Creation of loan origination policies and procedures and ultimately, a Seller’s Guide • Substantial validation and QA testing of all completed projects • Training of Personnel in advance of market launch

Requirements:

• Bachelor’s Degree in Business or related field • 5+ years related experience in areas pertaining to mortgage operations, secondary marketing, or credit risk • Experience with use case development and business modeling • Successful track record of authoring or administering credit policies or underwriting guidelines • Understanding of the interdependencies between an LOS, AUS, and third party services • Ability to deliver finished projects within compressed timeframes • Proven Track record of improving loan quality or service levels in an organization • Ability to manage multiple concurrent tasks with rapidly changing priorities • Analytical individuals with exceptional organizational skills and attention to detail

Prior experience in LOS implementation, rules writing, process modeling, analytics, and process re-engineering are considered a plus.

Additional Information Applicants with recommendations are preferred. (You have 0 recommendation) Referrals through network preferred. Job ID: 557339

Apply Now Permalink

mtg chick at 18:40 2008-06-21 said:
Resurrected from the dead????????? Permalink

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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.