FirstBank Mortgage - Wholesale
Update: 2007-10-27 Employees of FirstBank are beginning to receive the following announcement from Mark Turkcan by email... on a Saturday:
Original Post: 2007-10-26 FirstBank Mortgage, Irvine CA (Orange County) has "pulled the plug on their Mortgage Division" according to a source, "Effective Oct 31st."
According to numerous emails, they will fund out the existing pipeline but all loans must be funded by November 30, 2007. They opened in 1906.
We received the following memo from multiple sources today:
To take a quote from their web site:
According to FirstBank, they specialized in Alt-A Fixed and ARM products, Alt-B, Stand-Alone 2nds and several varieties of Options ARMs.
This is a developing story, so please check back, and if you are affected by this, send us an email please. We WILL talk or email you this weekend! If you have more information regarding this year's volume, or number of employees affected, please let us know.
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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.