Paul Financial, LLC - Wholesale
2007-11-26
Comment on this article | Subscribe by email! 
Peter Paul, former CEO of Headlands Mortgage and Greenpoint, announced Paul Financial is closing it's doors to Wholesale business. Started in 2003, Paul Financial funded 15-to-20 million per month in business.
From their web site:
"Effective Monday, November 26, 2007"
"After much deliberation, Paul Financial has decided to temporarily suspend the acceptance of new loan submissions effective Monday, November 26, 2007. All loans that are currently in process will be evaluated based on current underwriting guidelines, and completed as appropriate."
In an email to staff, Peter Paul makes it clear he will be back:
"We are NOT going bankrupt, closing our doors for good, or imploding. It is simply more economical for us to reduce staff to a small group of core people and ride out this market upheaval with zero volume than to maintain the staff necessary to fund conforming loans that carry such a small profit margin."
We understand about 50 people have been told that today (11-26-07) is their last day. A few people may stay on to process Reverse Mortgages. Last week a number of Underwriters walked out, and we are unsure if this was voluntary or not.
HUD Statistics show a volume of $3,759,876,000 for 2005, suggesting at one point the average monthly volume was about 300 million.
If you would like to add to this information regarding Paul Financial's operations, please let us know.
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.