Millenium Funding Group - Non-prime Wholesale


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We've been hearing about this for a couple days now, and the notice posted to Millenium's web site today confirms it:

Due to the current market conditions in our industry, Millennium Funding Group has elected to discontinue third-party origination of residential mortgage loans. For the time being, we will no longer accept new third-party mortgage loan applications, or issue approvals on new loans. However, in order to accommodate our borrowers, and our mortgage broker partners, we will continue to fund loans on which we have sent closing documents out through May 11, 2007.

To best serve your customers, we request that you place loans currently in the pipeline on which we have not sent closing documents to other lenders.

We regret having to take this action at this time and are hopeful we can partner with you again sometime in the near future. We are not closing Millennium Funding Group; we will continue to monitor market conditions and hope to return to third-party originations when market conditions allow.

If you have any question please call 360-433-6260.

Thank you for your understanding.

I have not seen a MSM story on the closure per se; but posted above is a link to news on March 7th layoffs of a significant fraction of employees of the Vancouver-based company. 120 people were said to remain after that round of layoffs.

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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.