Millennium Mortgage - Wholesale - Agency, Alt A
Update - 2008-03-25: We have received multiple copies of a 2008-03-20 email sent out to wholesale employees that leaves no doubt as to status of Millennium Mortgage:
"To clarify any possible confusion, effective the day we suspended wholesale operations, March 4, 2008, was your last day of employment with Millennium Mortgage. If we resume wholesale operations we will contact you to determine your availability at that time."
Another tipster writes "They are done, everyone has left except retail. All loans in UW have been pulled. They have no way to fund them. They have imploded."
Ailing List Update -2008-03-05 - 2:00pm - PST: We caught with company President Brent Platt on the golf course. He would like it made very clear they are "continuing in the Retail business." The FCS warehouse line is good until the end of May. They did close the Irvine office and "3" inside staff were laid off. In 'better times' Millennium was funding $30 to $40 million per month.
They are currently working on establishing an 'affiliated' relationship with a bank in order to reopen the Wholesale Channel.
Original Listing: On Millennium Mortgage's web site is the following notice:
"Wholesale operations have been temporarily suspended. We expect to resume operations within 30 days and possibly as soon as March 12, 2008"
In addition to suspending all Wholesale operations, we heard they also "... closed thier wholesale branch in Irvine, CA, last Thursday, February 28th."
From speaking to various people involved, we understand there are no layoffs or terminations at this point. Millennium is working on establishing new funding sources and hopes to get back in the game.
A more detailed insight has come in from a former employee:
As reported by one source Millennium is in "warehouse line trouble that they don't think can be fixed." When your warehouse line is CitiGroup's FCS, who we Imploded back in November, there is no fixing it [see update above for correction].
We placed a call to Millennium's corporate office (headquartered in Palm Desert, CA) and are awaiting a call from the company President, who was not available to speak to us. Should we get an official statement or interview, we'll update this post.
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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.