Global Mortgage, Inc. - Net Branch Operation
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Update - 2008-03-13: Chapter 7 Bankruptcy papers are available here (.pdf) for Global Mortgage, Inc.
Update - 2008-03-07: In an email that certainly appears as sent from Global Corporate on Friday, March 07, 2008 at 2:52 PM they announce that "Global Mortgage is shut down:"
"We regret to inform you that Global Mortgage, Inc. has shut its doors. Global Mortgage is in the process of filing for bankruptcy protection under Chapter 7 of the bankruptcy code..."
Original Listing - 2008-03-06: It looks like net branch Global Mortgage Inc. is no more. From one email we received today:
"Its official, Global Mortgage of Clearwater will be shutdown within the next week. The President has quit, the owners are done paying people, they fired the corporate staff and have a BK attorney on staff. Most of the remaining branch managers are jumping ship. Currently they have just under 100 branches. The FBI has been notified by several branches of corporate keeping in some cases 100k in branch money."
Branch managers we spoke with also confirmed receiving the following email:
The Implode-O-Meter called this number and the FBI asked us to pass along a message: "Please stop calling for the moment. Email is better. We cannot verify if an investigation is going on, but we're very busy right now."
Several sent us a copy of this email sent out by former COO Joseph Schafer, who was fired on Monday 2008-03-03 according to a branch manager we spoke with. Schafer has also set up a forum here (registration required) and appears to be trying to help Global folks find a new home:
A few weeks prior on 2008-02-19, Mr. Schafer had sent this "comfort letter" to branch managers:
Licensing info on their web site is confusing. On their "About Us" page, it claims 41 states and access to 243 lenders. Their home page says 43 states and over 300 lenders. The link to their licensing info only lists 13 states. So which is it? An accurate count of branches and employees was not to be had either, but one tipster suggested over 500 affected.. Another tipster says "Currently they have just under 100 branches." CityTownInfo.com shows 22 offices in 14 states.
A check of public records does not show a recent BK filing for Global or its principals. A Google search for the current owners Scott and Debra Losch brought up this 2007-10-19 article in the Tampa Bay Business Journal regarding a $46 million judgment against Business Mortgage Inc. (dba BMI Financial Services) also in Clearwater, FL. A search of FL business filings yields a number of other businesses with Debra Losch listed as Officer/Registered Agent, including the following:
If you can provide more accurate info as to the size of their operation and number of employees, please contact us.
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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.