First Fidelity Financial - Wholesale
Reports came in that First Fidelity Financial of Aliso Viejo, CA closed their doors on December 12, 2007. Although the Orange County Register reports only 5 jobs lost, our people say there were 15 operations people (at one time) and 7 to 8 outside AE's.
In business for about 5 years, licensed in 5 Western States, their product mix consisted of A paper down to subprime. From information we received it appears they operated on warehouse lines from Impac, and Citigroup's First Collateral Services. We don't know details, but rumor is a major warehouse line was froze or not renewed. More information would be helpful to determine if this was true.
The outside sales group has stuck together under former VP of Sales Jim Creamer and we understand they moved over to another lender in Newport Beach, CA. taking a pipeline of $23 million dollars with them. Finally... a success story.
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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.