Master Financial - Non-Prime Wholesaler (?)
2007-03-14
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Getting lots of people reporting this company shut down. I don't know much about them; and their web site is no longer functional.
Here is the text put out by the company that is going around:
Effective March 14th, Master Financial will cease its wholesale loan origination operation including accepting new applications for mortgage loans and funding loans in its pipeline.
All loans that have an approval must close and fund by March 16th, 2007 If you have any questions regarding loans in process, please call 714-456-1000. MFI will, however, continue to service mortgage loans and maintain its customer service line for borrower inquiries, etc.
We apologize for any inconvenience this may cause you or your borrowers. It has truly been a pleasure doing business with you.
Here's a PDF sent out to brokers.
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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.