The Mortgage Warehouse - Subprime, Alt A, Jumbo

Word started trickling in mid-day today that The Mortgage Warehouse (www.tmwonline.net), based in Clearwater, Florida, had ceased lending operations. To that effect, the following email was purportedly sent out:

Good morning Brokers.

I have just left a meeting that gave me one of the worst news I've gotten yet. Unfortunately The Mortgage Ware house will be closing our door effective immediately.

It was a pleasure working with all of you, I took great joy in helping you and even more in closing your loans, I am not sure if I will stay in the business but I have all of your contact information and once I establish my self in another company I will contact you. Thank you so much for the Business and the trust!!

Subsequent to imploding TMW, we have received some anonymous information regarding their former operations:

The Mortgage Warehouse was a sub prime / Alt A lender based in Clearwater, FL. At its high point TMW closed around $250,000,000 per year. The company employed around 50 people. Applications are no longer being accepted and the majority of the staff was released today.Fundings for closed loans will continue through the end of this week. An official statement will be placed on the company web site as soon as possible.