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Valley Vista Mortgage - Wholesale & Retail
2007-10-18
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We received the following today directly from Jamie Hughes, President of Valley Vista Mortgage in San Diego, California. The following message is effective today:
Valley Vista Mortgage has shut down all operations five months after shutting down it's wholesale channel after being overwhelmed in buy-back requests for loans originated by outside brokers.. VVMC once had branches in Kansas City, Kansas, Temecula & Sacramento California and headquarters in San Diego. All are now closed. Once licensed in 14 states, the company has funded over $2.5 billion dollars in loans since starting operation in 2001. Valley Vista was predominantly an A & AltA lender.
Although they closed their Wholesale operation 4 months ago, they continued operating at a Retail level. According to the CFO of the company, all loans in the pipeline have been funded, but "we just could not outrun Retail levels above (wholesale) loan repurchase requirements."
Valley Vista Mortgage says they had a peak of 70 employees, and high volume of $40 million per month.
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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.
