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Sunset Mortgage - Subprime Alt-A A

2007-07-31

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(Back-add on 2007-08-16) We have learned that Sunset Mortgage, founded in 1991 and based out of Pennsylvania, has ceased operations. Their website, sunsetmortgage.com, appears to be down. An informant noted the following about Sunset Mortgage's operations:

Last year they did 6 billion

They owned wasau and Broad street which have been shut down, they also owned sunset direct

Loan mix was 60 percent conforming 30 percent subprime and 10 percent govies

No of employees was about 2 thousand

... all senior management moved to eagle National bank and they are currently switching all braches to that platform ...

...

Officially they are still closing out there pipeline although ALL of there branches were forced to resign or join Eagle national by july 31


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Comments:

LoanGod at 14:43 2009-03-26 said:
The biggest problem with Sunset Mortgage was their entire Corp Management team is uneducated and trained by the same. The Corp office was very weak in every aspect of ethics. Even though they are now hiding under the name EAGLE NATIONWIDE MORTGAGE CO (ENMC) a subsidiary of Eagle National Bank, they are still the same people running the new bank into the ground. Furthermore, the compliance officer PGallon told me that even their insurance company Aetna see Eagle Nationwide Mortgage Co as the old company “Sunset Mortgage Co.”, and will not give them a better health insurance program or pricing for their employees and net branch offices nationwide. The fact that they have higher interest rates and fees than all other good lenders and brokers should cause one to notice it on the HUD. But because by law they do not have to disclose the yield spread premium on the HUD their poor clients don’t know any better so they all get sold bad loans by trusting people. Don’t believe me? Call them and get a quote…I dare you. Its too bad that ENMC will bring down a small local PA bank, Eagle National Bank. 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.