TransLand Financial - Wholesale

The Implode-O-Meter called TransLand Financial at 11:45 am (PST) and got through to an operator after attempting to speak to the Processing Dept. (which went straight to voicemail).

We asked for a link to the Rate Sheets and where told "We're not doing loans anymore."

"The only thing we have going is emptying out our existing construction pipeline."

This is the second time we've Imploded TransLand. This time it's over.

"Maitland-based TransLand's assets will be liquidated and distributed among its creditors, but no one will get all they're owed, says Lynn Hinson, an Orlando attorney at Dean Mead PA representing creditor TierOne Bank of Nebraska."

From an original article by The Orlando Sentinel October 16th:

"TransLand Chief Executive Officer Roger W. 'Roddy' Conner III stepped down Monday only one week after a bankruptcy court examiner issued a scathing report detailing the company's diversion of millions of dollars in mortgage proceeds to pay for some of its own operational expenses."

And continued:

"In a so-called 'lapping scheme' -- that began in 2004 -- the company took mortgage collections that should have gone to some of its bank clients and paid off money it had withheld from others, examiner Robert E. Lynch said in his report."

From The Truth About Mortgage.com web site:

"TransLand Financial was one of the largest privately owned residential construction-to-perm lenders in the U.S., originating roughly $60 million a month at its peak, though it recently suffered layoffs and its future plans are unknown."

"According to the their website, the company is active in 37 states and approaching $1 billion in loan origination volume."