Dollar Mortgage Corporation - Wholesale
We're a little late on this one, but today it was brought to our attention the phone lines have been disconnected at Dollar Mortgage Corporation, aka DMC Capital Markets Group of La Mesa California. Although their web site, is still up, the last update to their rates was July 17, 2007.
Contacted by telephone at his home, one former employee has told us the business was closed July 13 of this year not due to buybacks, just "a lack of buyers for the loans generated." Originally registered with the Dept. of Real Estate in 1986, Dollar at one time had about 180 employees, and was a well known Alt A and subprime lender with dollar volume in 2005 over $100 million per month.
A nationwide lender, Dollar had around 40 employees when they closed their doors.
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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.