Ivanhoe Mortgage/Central Pacific Mortgage - Residential Mortgage Banker/Lender
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stories: news10.net, news10.net, kcra.com, housingwire.com, sacbee.com
Here is a thread on Broker Outpost with an announcement email from Ivanhoe head John Cassell announcing the closure due to inavailability of cash to fund operations. Bakersfield Bubble has a little bit more.
Ivanhoe is based in Orlando, FL and chiefly operates in the SouthEast and Mid-Atlantic region. Ivanhoe became a division of Central Pacific Mortgage in early 2006 and then boosted its unconventional offerings to increase originations (oops?).
Central Pacific itself was recently (Feb 2007) bought out by TMSF Holdings (The Mortgage Store). The Ivanhoe and Central Pacific closures appear to be a sort of jettisoning of marginal loan obligations and operations by new owner TMSF. It is unclear what proportion of Ivanhoe/Central Pacific's obligations were subprime.
Here is an "about" excerpt from this page on Ivanhoe's company's web site:
Ivanhoe is a significant player in the mortgage banking industry with mortgage loan production in excess of $2 Billion annually. The Company employs over 300 mortgage professionals whose ability, experience, intelligence and character are unequaled in the industry. The work environment at Ivanhoe fosters a sense of loyalty and dedication among its employees.
Central Pacific operated more than 100 retail and wholesale origination offices in more than 20 states, according to its web site. It had been in business since 1977.
The President and CEO, John Courson is a past MBA president and currently sits on its board of directors.
Update, March 2nd, 2007: This HousingWire article has excellent follow-up details and clarifications to the CPM/Ivanhoe story.
Update, March 5th, 2007: Apparently TMSF has backed out of the Central Pacific takeover.
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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.