Ideal Mortgage Bankers, Ltd. - Wholesale - FHA
In a press release issued a short while ago, Ideal Mortgage Bankers announced they were exiting the wholesale lending business. "The Company will accept submissions until Thursday July 31, 2008 and will honor all commitments, and close its wholesale pipeline in the normal course of business."
"Our core competency has historically been as a direct-to consumer retail lender, which is validated by the enormous success over the last two years of Lend America our rapidly growing retail platform. With the new housing bill on the horizon, and the momentum that Lend America continues to demonstrate, we have made a strategic decision to refocus 100% of the Company's energy and resources on building on the success of our retail platform."
Chief Business Strategist Michael Ashley told us all internal operations staff have been "redeployed" to Retail. About 85 account executives nationally were affected.
"Lend America, the Company's direct-to-consumer FHA retail platform, generated approximately 85% of the Company's FHA production volume, compared to only 15% by the wholesale business."
Ideal Mortgage Bankers, Ltd. (Melville, NY) is a wholesale operation dealing exclusively with FHA brokers or those non-approved but licensed in their states who may do FHA through Ideal on a referral basis, subject to HUD & RESPA restrictions. Monthly originations for the NY lender in 2006 averaged $49.8 million according to AllMortgageDetail.com. Based on the above statement, that could put monthly wholesale volume around $7.47 million on average. They also have a branch office in Brooklyn, NY according to CityTownInfo.com.
In addition to their wholesale operation, Ideal Mortgage Bankers, Ltd. has a (much larger) retail unit operating under the DBA Lend America. Additional DBA's include Consumer First and Lending Key, per information on the State of New York's Banking Department web site.
Previously, we'd received tips that Ideal Mortgage Bankers had discontinued purchase business on 2008-07-11:
We also received a copy of an AE's email to brokers:
Ideal Mortgage Bankers, Ltd. of Melville NY is not to be confused with Ideal Mortgage of Jefferson City, TN.
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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.