Concord Mortgage Wholesale - Retail and Wholesale Subprime, Alt-A
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We have now received numerous tips that Concord Mortgage, based in Scottsdale, Arizona, has closed down their wholesale operations:
Both Concord's wholesale and retail websites are still up and running.
The most recent tip we received indicated that Concord Mortgage retail has also closed down letting approximately 200 employees go. Furthemore, the owner has allegedly run off to set up another lending operation. What? Not surprised?
Should you have any further information regarding Concord's operations, please drop us an email.
Update, July 2nd, 2007: Note that this Concord is not the same company as a Concord Mortgage operating out of Melville, New York, which (according to at least one employee of the company) still running smoothly.
Update, July 2nd '07, 9PM: Another reader clarifies on the ownership situation:
I used to work for concord a year ago and i know some recent accurate info. The owner did shut down both wholesale and retail operations and now works for another mortgage company managing a couple of branches and originating loans. He does not own any part of this company as your site suggests and is back to actually working for a change! thanks for the good work on the site.
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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.