Mortgage Investors Group (MIG) - Wholesale - Wholesale Lending Division
Comment on this article | Subscribe by email!
Update 10:33 AM, August 24: We have received an official statement from MIG that explains the current shift in their business. See below to "Official Statement":
Sources have sent in an announcment by Mortgage Investors Group (MIG) that MIG is exiting their Wholesale channel. Per the following announcement, no new submissions will be accepted and all approved loans must be locked by tomorrow:
One informant noted the following regarding MIG Wholesale:
We are still accumulating the details regarding how many employees will be affected by this closure as well as MIG Wholesale's peak monthly loan volume. We have learned that MIG continues to support it's Direct Lending business, which is explained below per their official statement.
Update, Aug 31, 2007: A reader writes in to note that we apparently missed the closure of the Irvine branch of MIG:
Hey there, just wanted to let you know that you missed the Irvine branch in your list of MIG wholesale offices that closed. I worked there with about 20 or so people at the end. When I was hired in 2005, the office had over 50 people working there.
permalink to this record | forum thread
Comments: Be the first to add a comment
add a comment | go to forum thread
Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately.
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.