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Lender's Direct Capital Corporation (wholesale division) - Non-conforming lender; retail operation remains solely as broker
2007-02-08
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stories: ldcc.com
The notice at the web site is the link above. For posterity, here is the explanation:
Lenders Direct Capital Corporation Announces Layoffs, Closure of Wholesale Lending Operations
Lake Forest, California based nonprime mortgage company Lenders Direct Capital announces the closure of wholesale lending operations.
CEO Michael McQuiggan cited the lack of investor demand for their loan products and the current state of the US nonprime lending industry as factors in reaching the decision to cease wholesale originations effective immediately.
So trouble converged on Lender's Direct from both ends.
Supposedly they funded in excess of $200mln/mo at the peak. Here is a chunk of their mission statement, from the old "about" page (accessible through Google's cache):
Lenders Direct Capital Corporation is a national mortgage lender headquartered in state-of-the-art facilities in Lake Forest, CA specializing in niche mortgage products such as Nonprime, Alternative (Alt) A and 2nd Mortgage loans.
Found by Bakersfield Bubble.
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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.
