Ameritrust Mortgage Company (Subprime Wholesale) - Non-conforming Lender
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This Charlotte, NC-based nonconforming lender has shut down its subprime wholesale division (at a minimum). Apparently an email went out to brokers today:
Effective Monday, March 05, 2007 the subprime wholesale division of Ameritrust Mortgage Company is no longer in operation. Due to market conditions, our warehouse provider, Washington Mutual, ceased funding for subprime loans. This has left Ameritrust with no alternative to fund subprime loans. Ameritrust truly appreciates you for your past support and valued business! We have much hope to serve you again in the future.
Some posts on the closure are available here and here.
The company operates(-ed?) in 36 states, according to their web site. The about page has more details that now take on an interesting tilt:
I guess "don't take part in financial manias" wasn't a core value.
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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.