Update 2007-09-25: We have learned that All Fund Mortgage has been purchased by Carlile Investments as of September 18th. Per a PR newswire article:
"I am very excited to have Carlile Investments as the new owner," said Chris Dunn, the previous owner of All Fund Mortgage. "They bring a powerful
retail loan origination program with Royal Capital Group and have solid management experience in the mortgage industry. This is a great opportunity for the existing All Fund branches, as the Royal Capital Group model can really help them increase their loan volumes and bottom line profits."
All Fund Mortgage funded over $1.4 billion in volume and $69.7 million in revenue in 2005 and 2006. All Fund Mortgage has over 90 retail offices and is licensed in 46 states. All Fund Mortgage has been an Inc. 500 Company for two years running. The Inc. 500 is a list of the nation's fastest growing private companies.
From what we are hearing, All Fund employees are still uncertain as to what this may mean for them going forward. Please pass on any further clarifications, corrections or additions to us.
For a long time we have been trying to piece together the status of All Fund Mortgage. Previously, sources had written in to inform ML-Implode that All Fund Mortgage has been sold to CMXL. Per a press release back in April:
The founders of CMXL Corporation today announced the completion of the acquisition of All Fund Mortgage, a privately held mortgage banking company headquartered in Tacoma, Washington. The transaction was finalized on March 1, 2007 with the assistance of Greg Thompson of Secondary Marketing Specialists, LLC, a San Diego consultancy to the mortgage banking industry. All Fund Mortgage will be held as a sister corporation to CMXL. Terms of the transaction were not
Though the article announcing the sale indicates that All Fund would continue to exist as a "sister corporation to CMXL", it would appear that All Fund is no longer operating. We draw this conclusion based on numerous tips we have received.
Just today we received the following tip:
I use [sic] to [work at] All Fund Mortgage and have been [receiving] Cobra ... We just received notice from Cobra that All Fund has ceased operations as of August 31.
Another source wrote in to tell us the following:
There have been no corporate employees at the corporate office in over 2 weeks and I have been told by employees that they were not paid for their last 2 weeks of work. ... Rick Ardmore (ex-president) still owns the building and is out a tenant. Look for Chris Dunn in Sacramento, CA or the company CMXL.
Sources close to All Fund wrote in recent weeks that the locks had been changed on the All Fund office doors. For example, one source wrote:
All Fund Mortgage shut their doors last Friday. The previous owner (Rick Ardmore- who still owns the building) changed the locks the night before. I also received the following e-mail from their Funder:
Just so you all know, I can now be reached at this email address (her home e-mail address).... The locks have been changed on the All Fund doors, so I guess that is it!
We can only echo what our source's informant wrote, "I guess that is it!"
Original post to Ailing/Watch
We first started hearing things about All Fund Mortgage back in late-April when an article was published citing unpaid wages and expenses:
All Fund Mortgage, a Tacoma company, is behind in payments owed to employees as it faces money troubles.
One manager, Len Richard, has filed a claim with the California Department of Industrial Relations for about $18,000 in unpaid wages and expenses. Richard joined All Fund in December and operates a one-man office in Beverly Hills.
All Fund also has been ordered to repay dozens of Federal Housing Administration-insured loans, according to court records.
The article goes on to note that All Fund Mortgage had emailed employees with expectations that problems would be "under control by late April or early May."
It would seem things have yet to be resolved. Early June, BrokerUniverse.com posted an article on their What We're Hearing page noting the following:
THIS JUST IN: Two more managers for All Fund Mortgage have stepped forward and told National Mortgage News that they have not been paid in several weeks. (Typically, All Fund used to pay within 48 hours.) One manager, requesting anonymity, said she has not been paid since April and is owed close to $8,000. "They are not returning my phone calls or e-mails," said the manager who is based in the South. NMN has published two stories on All Fund's woes and is working on a third one. ...
"Stay tuned ..."
An article made the news today about All Fund Loan Officers not getting paid:
Loan officers who work for a Tacoma mortgage company that told state officials in May it was closing say they continue to go without pay.
One employee filed a lawsuit in Pierce County Superior Court on Monday, others have submitted wage claims.
All Fund Mortgage remained open Monday but company officials could not be reached for comment.
Last week, executive vice president Paula Hatton said that only company President Chris Dunn could speak to the media but that he was out of town. Dunn did not return a call Monday afternoon.
Loan officers waiting on months-delayed checks say they can't pay their bills and are facing ruined credit and foreclosure.
Is All Fund imploded? If anyone has further data, please email us.