Premier Mortgage Funding - Net Branch Lender, Mortgage Banker
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As ml-premium subscribers already know, Premier, the Clearwater, FL-based lender (with reportedly 500-600 branches) filed for Chapter 11 bankruptcy protection in the middle district of Florida on July 3rd. The notice of filing, accessed from the Federal court records system, follows:
The filings also show that Premier gives its assets as $0 and liabilities as in the range of $1-100 million. The creditors list is quite formidable, including Barclay's, Countrywide, Deutsche Bank, Fremont Investment & Loan, First Horizon, Fidelity & Deposit Co., Eagle Vision Capital, Home Loan Corp., Washington Mutual Bank, Wells Fargo, and many many more.
We have been hearing about Premier for a while. Here is one of the more detailed messages, from back in May (the 21st):
Pmfunds.com has had the following message posted since perhaps mid-April:
Please write in with further elaborations, if you can.
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Raveynfyre at 17:21 2010-02-17 said:Proficio Mortgage Ventures, LLC acquired what was left of Premier in late 2009. Unfortunately due diligence was not done on the company backround in time and they found out later about the bad practices taking place. Investors refused to do business with PMV if they were going to change the company name, luckily that did not take place. Instead Premier infiltrated management and have convinced the board to close one of the operation centers, located in Jacksonville FL within the next 45 days. This was the heart of the original operation and where PMV first started doing business. With this move they are centering their operations back in the Orlando facility, the place that blew up, or imploded if you will, to begin with. Proficio will go the way of the dodo soon enough due to the poor loan management skills of the remaining Premier people. Permalink
HFlashman at 13:12 2010-04-22 said:Well, we can guess Raveynfyre is a disgruntled person. Facts: Premier lost its warehouse lines when everyone else also felt the squeeze in the Spring of 2009. The were appraoched and agreed to merge with Proficio Mortgage Ventures (Proficio Bank) in mid 2009. PMV was badly managed running high cost/loan numbers. Old premier management was given the task in early 2010 to straighten out the issues. They have succeeded and cost/loan is now average or a little below average. I work there as an Originator. Conservative but fair Underwriting. Slim management numbers as they run a tight ship. I like it here. Well funded and run as it should be. They rely heavily upon the Regionals to train and manage their branch operations. If you have a good Regional (I am blessed with a gret one!), no problems as long as you don't try and fight the system. Overall a strong B to B+ if you're not trying to put a loan through which is round peg into a square hole. Permalink
dspacemtn at 11:52 2010-09-01 said:I was an originator with Proficio before they the closed the Jacksonville as corporate indicated it was to make our process better, faster and cheaper, but instead the move added week to our closings process, and made our fees go up that were already above the average market. We as originators were promised more mortgage products if we stayed patient with the long turn around times, but that never happened. Lost and damaged so many relationships, I am having to rebuild. To make things worst my branch manager decided to terminate their branch because the cost of operating with Proficio was so high. Apparently, now they are having to get a attorney to battle PMV to get her own money back that they put up front to cover their monthly expenses. Am I a disgruntled person "Well hell Yes I guess I am". Permalink
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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.