Montgomery Mortgage Capital Company - Agency, Alt-A, Jumbo, Subprime, H.E.
Forum posters first brought to our attention that Montgomery Mortgage Capital Co. (MMC) had imploded their wholesale operation in 2007. Upon speaking to former employees, we learn their retail operation was also closed recently. Formerly based in Parsippany, NJ and relocated to Cedar Knolls, NJ, according to their web site, MMC had 13 offices in NJ and NY, was licensed in 21 states, and also operated under dba's Montgomery Funding (CT) and Montgomery Residential Mortgage (NY). The main telephone number on their web site was disconnected when we called.
Data on allmortgagedetail.com indicates monthy volume for 2006 averaged about $16 million per month. According to a credible source:
"At its height, the company had about 200 full and part time employees and volume of about $50 million a month retail and wholesale licensed in about 20 states (mostly northeast plus FL/CA). Company shut down wholesale ops in April 2007 and closed down in February 2008."
Another tipster confirmed this in part, writing "mass lay off 11/1/07", "06 peak at a steady 4 months of 20 a months , Summer 07 wa sta 10 and kept sliding hard like most other companies." And "in 07, doing about 10 million with branches in NJ , NY and doing TPO in most of New England. over 200 employess at one point." On the forum, it's posted "Aug 2006 was doign over $20,million a month in fundings."
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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.