Exchange Financial (Wholesale) - Wholesale/Correspondent
"Effective October 30, 2007, Exchange Financial will be temporarily discontinuing its Wholesale/Correspondent lines of business."
According to an announcement we received today, Exchange Financial, A Mortgage Corporation is closing it's Wholesale/Correspondent operations. In a phonecall today President Dan Grzywacz states this Department accounted for about 5% of their overall business and all employees will be absorbed into their Retail Operations. HUD reports volume of $353 million in 2003 down to $111 million in 2005. Current volume is reported at $90 million for 2006, almost exclusively "A" paper.
Headquartered in Kentwood Michigan, Exchange Financial has 4 offices in Michigan and Indiana. No offices will close.
Per their announcement:
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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.