ComCor Mortgage - Wholesale - Agency, Jumbo, Reverse
2008-10-03
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Wholesale lender ComCor Mortgage, a division of Southport Bank based in Waukesha, WI, announced it would exit the wholesale market effective immediately "to concentrate its entire mortgage lending effort on serving the retail forward loan market and the reverse mortgage market."
According to their web site, ComCor Mortgage had 9 Account Executives supported by eight management and operations personnel, in addition to four people responsible for reverse mortgage business. There was also a wholesale branch office in Wheaton, WI. A source we spoke with indicated there were a total of about 25 people, all but a few of which were staying to support the retail operation.
Southport Bank's residential portfolio as of June 30, 2008 totalled over $87 million according to financial data available on the FDIC web site; average monthly volume for the wholesale division ranged between $20 - $30 million, with peaks around $40 million per ComCor Sr. Vice President Greg Morris. We also spoke with National Mortgage Services Director Marie Keller, who indicated they planned to hire originators and build business to "20 or 30 million per month in retail alone," focusing their market in the State of Wisconsin.
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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.