Mercantile Mortgage - Subprime? Alt-A?
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Update 2007-08-17 2:45: We have been contacted by Mercantile Mortgage and supplied with an official statement regarding the current status of Mercantile Mortgage's operations, which they indicate as "temporarily suspended". It is included below.
We received word today that Mercantile Mortgage (mercantilemortgage.net) has ceased operations and fundings. Per an email sent from a Mercantile Mortgage employee:
From another employee's notice:
We have yet to determine Mercantile's peak monthly loan volume or number of employees. Mercantile Mortgage was in business for 21 years.
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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.