Maverick Residential Mortgage - Net Branch Operation
Update - 2008-02-23: Complete Chapter 7 Bankruptcy Papers are available here.
Update - 2008-01-26: Maverick has put out an official statement that informs us of the complete shutdown, 401K information to former employees, with a back-date to January 16th. A quote from the letter:
"Maverick is closing and your employment is terminated effective January 16, 2008."
Click here (.pdf) to read the entire message.
Update - 2008-01-16: In an email received this morning, a reader sent us a video link entitled "Missing Money"and their personal synopsis:
"Cannot make payroll. $4 million shortfall unknown of where the money went. Rumor that they were double funding warehouse lines."
Original Post - 2008-01-15: Our tips line has been on fire with info coming in about Maverick Residential Mortgage closing today. Calls to the main office in Frisco, TX are routed to voicemail, and calls to other branches have not been returned. From an email that was sent out today:
Maverick was a net branch operation with "branches in 20 plus states" per one tipster, "over 80 branches" per another.
From another email:
"ALL LOAN CLOSINGS HAVE BEEN CANCELLED TODAY. No money to fund the loans."
We are working diligently on verification of this news. At present, we have no firm idea how many branches/employees have been affected, but will continue to pursue more information.
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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.