First Horizon Subprime, Equity Lending - Non-Prime Wholesale Lending Unit, Home Equity Lending
Update, Sept. 14th: Many folks forwarded the following to us, from a First Horizon AE, which announces the cessation of First Horizon's home equity lending activities:
It was announced today that First Horizon has decided to close it's Equity Lending division, due to changes in the market and a lack of buyers and liquidity in the secondary market. ALL NEW SUBMISSIONS & EXISTING LOANS IN THE PIPELINE MUST BE LOCKED BY FRIDAY THE 14TH! After Friday, September 14th, First Horizon will no longer be doing Stand Alone 2nd Mortgages.
On September 12th, First Horizon announced a cut of about 50% of its work force, or approximately 1,500 jobs.
Original post. Many have written in with news that this subsidiary (First Connect) of First Horizon National has thrown in the towel. Here is an excerpt from a typical AE letter that went out to brokers:
This link has more on First Horizon in general; though not much about the shuttered division.
More details on impact if and when we get them.
Update, April 12, 2am: We hear that First Horizon is still doing non-prime retail.
Update, April 16: Just noticed MortgageDaily has confirmed this.
Update, April 17: We are hearing that First Connect is the name of First Horizon's sub-prime subsidiary and that it is the main portion which shut down.
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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.