2008-12-26 — ml-implode.com
We have learned that Amtrust AE's were told in a conference call on Monday, December 22, 2008 that loan locks were being suspended "with new locks to resume after 1/1/2009." Given the bank's year-end deadline to conform to regulatory orders, this could be an ominous development as pertains to Amtrust's wholesale operations.
mortgagewholesaler123456 at 20:41 2008-12-26 said:******AmTrust Update******* AmTrust is alive and doing well!!! I work for the company and the organization has taken a pro-active response to a challenging market and initiated a staff reduction, not unlike many in the financial services industry/sector. Bank of America recently annouced "35,000 will be laid off in upcoming months." The bank eliminated all speculative real estate development and land acquisitions and AmTrust's capitalization is healthy. This does not in any way affect 1-4 residential lending. AmTrust is one of the best places to work as the bank appreciates employees and its wholesale and correspondent customers. Relationships drive the high level of customer service standards and AmTrust is now rated in top 5 wholesalers nationwide. AmTrust will be around for the long run !!! Permalink
mortgagemess at 08:31 2008-12-27 said:LOL..to the clueless comment above...sorry to rain on your parade but I have a buddy in the high ranks of Amtrust..1)They have already laid off about 300 people and 2)They are in the process of negotiating a buy out by another bank..so WAKE UP and SMELL THE RETAIL..Amtrust is going BYE BYE! Permalink
mortgagemess at 08:33 2008-12-27 said:My NEW YEARS suggestion..mortgagewholesaler..is that you get your resume dusted off, updated and ready to go! Permalink
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