Precision Financial, Inc. - Wholesale, Retail - Agency, FHA
Citing reports by industry officials, National Mortgage News is reporting that Precision Financial Inc. has "closed its doors."
"Over the past week the telephones were not being picked up at the company and e-mails were not returned. One of the company's top executives, Ira Zimmerman, did not return a telephone call about the matter."
When we tried, the phones rang unanswered and the toll-free number is no longer working. We previously reported on this company in a 2009-03-05 member newsletter when the company's implosion seemed imminent.
A number of sources emailed us about this company in Syosset, NY. One said they'd heard Precision Financial had "lost the ability to sell to Citimortgage and Countrywide last Friday." Others indicated there were warehouse lines with those two companies that had been pulled. One source indicated they were also set up with GMAC, and another said there were plans to get "hooked up with someone they could do GNMA pools through," although we were told these resources also fell through.
Precision Financial is licensed and doing business in eleven states, primarily in the northeast. While the company averaged $19.3 million across all origination channels in 2007, Precision Financial claims volume "now exceeds $600 million annually," or roughly $50 million per month on their "About PFI" page. Our sources did not know what portion of that may be attributable specifically to wholesale or retail.
"Precision Financial Inc. is a New York-based mortgage banker, formed in October 2001. Our mortgage volume now exceeds $600 million annually and we're licensed in several states. Our primary emphasis is to provide mortgages for homeowners, along with refinancing for reasons such as lowering their existing interest rates, paying off debt, taking cash out to perform home improvements, buying investment properties or paying off liens and encumbrances. Additionally, we are active in accommodating borrowers, real estate attorneys and real estate brokers who are completing transactions in the purchase market."
Manta reports 75 employees at the company's single location in Syosset. There is no info on their site to indicate what other types of loans they were offering, though they are still listed as an FHA-approved lender. That may be an underlying factor in the issues Precision Financial appears to be having given their Compare Ratio for defaults and claims on FHA-insured loans originated in the past two years sits at 250% per HUD's Neighborhood Watch:
We were unable to reach any account executives, and our call to CEO Ira Zimmerman was not returned. A discussion has arisen on our forums about Precision Financial. If you can provide additional details, please don't hesitate to 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.