American Bank Mortgage Group - Wholesale - Agency, FHA/VA, Alt-A, H.E.
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Update - 2008-04-17: After several emails and forum posts disputing certain facts in our original post, we contacted ABMG again and spoke with their Director of Mortgage Lending, Glenn Schwartz. He confirmed that "at peak" there were between 18-20 AE's split among three "teams." Monthly wholesale volume had been somewhat overstated, and was in fact more in the range of $40 million per month, with peak in the mid to upper 50's.
Original Posting - 2008-04-11: Tips began trickling in early February that this news would be coming. Now it's official.
Today we received word that American Bank Mortgage Group, a division of American Federal Savings Bank, suspended their wholesale operation "for the near term..." According to Tim Bassett, National Director of Business Development, that could be 4 to 6 months or longer. He sent us this notice, which he said would appear on their web site soon:
Bassett told us "We're not firing anybody..." - the 20 AE's (or "Business Development Managers", as ABMG calls them) will transition to the retail operation, as will all support staff. "We loved wholesale," he said. "This is a strategic decision."
Over the past six months, their monthly wholesale volume has fluctuated between $60 and $100 million dollars, Bassett told us. They're actively expanding their retail operations nationwide, and have numerous job openings advertised.
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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.