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:

"Dear Mavericks,

A mistake was made through our payroll company. Please do not touch the money that was direct deposited. The exact amount of money deposited will be pulled back out of your account.

We are in the process of correcting the situation and working to get the actual payroll to you as soon as possible. Thank you for your patience."

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.

Please stay posted, and if you have any information click to let us know. There is a topic on our forum as well.