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.