GreenPoint Mortgage - Capital One Wholesale - Wholesale, Commercial lending


Comment on this article | Subscribe by email!


Update 10/18/2007: We have learned that GreenPoint is also exiting their commercial lending operations. Per a notice that was sent out and passed on to us:

GreenPoint Mortgage will cease commercial mortgage origination effective end of business as of this Friday, October 5, 2007.

GreenPoint Mortgage will continue to meet its contractual obligations for locked loans and eligible commercial loan commitments already in the pipeline. We will not be extending any locks or commitments. To further clarify:

* Last day to lock will be Friday, October 5

* Last day to order an appraisal will be Friday, October 5

* Appraisal payment must be received by Friday, October 5, or it will be returned

* Loans with no lock and appraisal ordered as of Friday, October 5, will be declined, cancelled or withdrawn

All deadlines associated with October 5 are up until 3 p.m. PDT. There will be no exceptions to either our Underwriting Guidelines, or timelines as referred to above. Should you have further questions concerning commercial loans in the pipeline, please contact your local commercial lending office.

Original listing, 8/20/2007: We have learned that Capital One is shutting down GreenPoint Mortgage, their wholesale lending operation. Per a Yahoo! release:

Capital One Financial Corp. said Monday it will close its wholesale mortgage unit due to woes in the secondary mortgage markets, resulting in $860 million in charges in 2007.

The company, which said about 1,900 positions will be eliminated due to the closing of the unit, added that it will "cease residential mortgage origination" at the unit, called GreenPoint Mortgage, effective immediately.

"The reductions in demand and pricing in the secondary mortgage markets make it difficult to operate our wholesale mortgage banking business profitably," said Gary Perlin, Capital One's chief financial officer.

GreenPoint had been in existence for twenty years.

Original posting on Greenpoint from Ailing/Watch:

We recieved a tip around June 7th that GreenPoint Mortgage had shut down numerous branches:

Here is one to add to your list:

Greenpoint mortgage who was bought out by North Fork bank and then Capital One has shut down 13 branches in the US yesterday.

On June 8th we got confirmation that 440 employees had been laid off:

Subprime mortgage concerns that have tightened underwriting standards and diminished secondary market appetite in the neighboring "near prime" market have forced originator GreenPoint here to cut 440 staff positions and close 12 of its 41 operational centers, according to a company spokesperson.

GreenPoint Mortgage, an Alt-A lender, clearly seems to be having some trouble.

Comments: Be the first to add a comment

add a comment | go to forum thread

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.