Deutsche Bank Correspondent Lending Group (CLG) - Alt-A, Subprime
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It has been brought to our attention that Deutsche Bank has elected to eliminate it's Correspondent Lending Group (CLG), moving all CLG's business over to MortgageIT. We received the following notification sent by Deutsche Bank regarding the change:
August 9, 2007
Dear Valued Deutsche Bank CLG Sellers:
We have important news to share with you concerning current Deutsche Bank CLG product offerings. After carefully considering and weighing all of the options, we have decided to take the steps outlined below.
- Effective today, Thursday, August 9, 2007, CLG will begin the process of consolidating its operations into the Closed Loan Purchase Division of MortgageIT (a subsidiary of Deutsche Bank) ("CLP"), which is located in Madison, Wisconsin and is under the leadership of Keith Bilodeau.
- In the coming weeks, all loans previously locked will be reviewed for purchase by CLG if the loan file is delivered on or before the lock commitment expiration. If the loan file is acceptable, CLG will be diligent in purchasing the loan in a timely and efficient manner.
- The CLP team will be contacting you shortly to discuss this transition as it relates to products, operations and the opportunity to continue selling closed loans to Deutsche Bank through CLP.
We know that these changes will bring many questions and we are committed to answering all of them with time sensitive urgency. Please direct any questions by email or telephone as follows:
e-mail box: CLP@MortgageIT.com
or voice mailbox: 608-821-8979
Thank you for your continued support.
SVP, Closed Loan Purchase Division
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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.