Lancaster Mortgage Bank (LMB) - Wholesale Alt-A


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From Lancaster Mortgage Bank's website:

Dear Respected Business Partners,

At this time it saddens us to say that as of Friday June 1st Lancaster Mortgage Bankers will be exiting the wholesale mortgage banking industry. Due to dramatic and recent changes in the mortgage banking business we have decided that it is time to close down our operations. The entire staff of Lancaster Mortgage would like to thank each and every one of you for your continued support and determination to help us become who we are. Over the past three years LMB has grown to be a highly recognized lender in the wholesale industry. We could not have done it without your help and support.

As of this date Lancaster Mortgage Bankers LLC will no longer be funding loans. As we do respect each and every loan with the highest level of regards, we will do everything we possibly can during our unwind phase to best accommodate any way that we can.

As the mortgage business continues to tighten up, LMB recognizes that there is still a tremendous amount of opportunity and we wish each and every one of you the best of luck and the most prosperous future.

Best wishes and again thank you for the wonderful years of allowing us to serve your mortgage banking needs.

From the last archived version of their web site on , the old "about" page gives the company as "national wholesale lender" and mainly an Alt-A/No-Doc purveyor.

Their address (from the current web site and closure notice) is "Lancaster Mortgage Bankers, LLC - 20 Independence Blvd - Warren, NJ 07059 / Office Phone: (908) 542-9008". The page footer also lists the states they are licensed in: AZ, CO, CT, FL, MA, MD, ME, MO, NH, NJ, NY, NV, PA, RI, VA, VT.

A reader submits that LMB funded approximately $75 million per month "in good times." As we're all well aware, times have changed.

Update, Jun 28th: Some more details of the management and employment situation surrounding the shutdown can be found in the message thread here.

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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.