BrooksAmerica Mortgage Corp. - Wholesale
UPDATE 10/19/2007, 2:30 PM: Upon posting BrooksAmerica to the "imploded" list, we have been contacted by the company. Further, BrooksAmerica has published a notice on their website that they have "elected to temporarily suspend new loan originations". Per their public notice:
At such at time when BrooksAmerica resumes loan originations, we will reevaluate and likely remove their entry from the "imploded" list. Stay tuned!
Licensed by the California Dept. of Real Estate since 1986, BrooksAmerica Mortgage Corporation is owned by Michael Brooks, and described as one of the "good guys" by those who worked with him. Based in Orange County, California, our source reports the following:
There is no indication or announcement of this shut down on the company web site. On October 17th, 6 AE's listed were listed on their site, one of them being the owner's son Ryan Brooks. We attempted phone contact with them and discovered 3 had already left, and a fourth was on "personal leave." The next day, the AE page was changed to 2 AE's, one of them being the sales manager, Terry Cabiniss (without a phone number beside her name at the time of this writing).
Ryan Brooks did confirm the information received by our tipster. Terry Cabiniss may or may not know about the closure, but informs us by telephone that the years they have been in business, the peak employees and peak or current volume is something "we never disclose."
Per HUD records, BrooksAmerica consistently produced over $100 million per month, and current figures may have been as high as $200 million.
If you have more information regarding this year's volume, or current number of employees, please let us know.
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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.