First Indiana Wholesale - Wholesale


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Many have sent in notice that First Indiana Corporation has announced that they have closed their wholesale consumer lending operations:

First Indiana Corporation announced today that effective immediately it is discontinuing the origination of consumer loans through its wholesale lending network. This segment of the company's business originated consumer loans through a national network of mortgage brokers. The company regularly sold the majority of these loans to investors in the secondary market, realizing a gain on sale.

"The general business climate for these types of loans has deteriorated to the point where the future outlook for this segment of our business no longer makes economic sense for First Indiana," said Robert Warrington, President and Chief Executive Officer of First Indiana. The company expects to incur one-time expenses in the third quarter of 2007 of approximately $535,000 in connection with discontinuing this business segment. First Indiana will continue to make home equity and other consumer loans through its local branch network.

We are unsure at this time as to the size of First Indiana's wholesale operations. If you have any information regarding the number of employees affected or First Indiana Wholesale's monthly loan volume at peak, 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.