OMG Wholesale Lending - Agency, "A" paper
Their web site, at the moment a blank white page, simply states "Temporarily unavailable. Please try again later." OlympiaWest Mortgage Group LLC owns OMG Wholesale, although when we called, they denied it.
According to our conversation with one of the owners of OMG Wholesale Lending, First Collateral Services (after talks and negotiations last week) abruptly and unexpectedly cut off their warehouse lines.
In an emailed announcement:
Reaction was swift, with Brokers emailing us for answers, looking for solutions:
"One of my loan officers was just informed that OMG mortgage will not be funding a loan we just closed due to loss of warehouse funding. One of the principles, Randy Wilson, told my loan officer "were done"."
OMG wholesale was previously funding upwards of $40 million per month, and hopefully will return to business within a new Bank, or with new funding sources(no word on the future of OlympiaWest). Although the web site appears down, the link to their last rate sheet is still available here. More information should be coming in shortly, and we will keep you updated. If you have info, please email us.
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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.