Current news for this company:
Secured Bankers Mortgage Company (SBMC) - Wholesale Alt-A, Jumbo
In a letter dated today, Lance Tendler, (President) issued the following statement:
Update from Ailing List - 2007-11-30: According to their web site, SBMC is owned by Kennington Ltd., Inc., a privately-held corporation with diverse business interests that include the apparel industry, luxury hotel ownership and commercial real estate investments throughout the United States. Looks like now they might be making a decision to close this mortgage division.
From a tip:
"Inside source has stated that SBMC in Tustin will have a final email from corporate on Friday letting all of them know if they are going to stay in business or close. They recently consolidated offices and this office is handling all of the processing and underwriting."
Okay... Friday is over, so here's the news: "We heard today they were open through December at this point then its day to day? AT least these folks will have a job for the holidays."
Original Ailing Post - 2007-08-30: We have received tips indicating that Secured Bankers Mortgage Company (SBMC - sbmcmortgage.com) has initiated significant reductions in their operations. From one source:
Stay tuned ...
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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.