BSM Financial - Retail & Wholesale
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Update - 2007-12-21: We received an email from Kurt Cummings -- President & CEO. He states no part of the company has been sold or transferred, and expects to "unwind the business and fulfill any outstanding obligations." Click here (.doc) to view the entire letter.
Update - 2007-12-19: To avoid confusion, we've moved this company up on the list. On September 7th of this year, BSM Wholesale Imploded. This listing is for BSM Parent Company AND Retail.
"BSM Financial (parent company) dba BankSource Mortgage is now moving all of it's operations, personell, servers, equipment, etc to American Home Key's office in Dallas Texas."
And from another email:
"The entire company has tanked, and has now been dissolved into a branch at American Home Key."
There's no way to put this information better than directly from our source (pardon the typos):
Here's the opening portion of an email from Kurt Cummings -- President & CEO, December 11th:
We attempted to contact Kurt, but there is no answer at the company's 800 number. More, direct from our Tips:
Looking up BSM on Allmortgagedetail.com shows 2005 fundings were over $200 million per month, which may have included Wholesale and Retail.
Original Implode - 2007-09-07: We have received word that BrokerSource (brokersource.biz), the wholesale division of BSM Financial (bsmfinancial.com) has ceased wholesale operations. Note: We have received no information regarding the operations of Bank Source Mortgage, the retail arm of BSM Financial. Per an apparent announcement sent around 7:00 p.m. EST:
Earlier today, we received the following forwarded message apparently sent by a BrokerSource employee indicating that the cessation of wholesale operations "may be" imminent:
Indeed, the sender's guess was correct - on both accounts.
We are trying to assess BrokerSource's peak operations, including the number of employees affected and their peak monthly loan volume. If you can provide any of this information, please email us.
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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.