Quality Home Loans - Wholesale Subprime
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stories: forbes.com, brokeroutpost.com
We have come to learn that Quality Home Loans has filed for bankruptcy. Per an article on Forbes:
Wholesale mortgage lender Quality Home Loans became the latest victim of the subprime home loan crisis, filing for Chapter 11 protection.
The company's voluntary bankruptcy petition, filed Tuesday in the U.S. Bankruptcy Court in San Fernando Valley, Calif., lists assets in the range of $1 million to $100 million, and liabilities of more than $100 million.
The Agoura Hills, Calif.-based company does business under the names Clear Credit Capital, Last Chance Home Loans, Last Option Lending and QHL Investments.
Three of the company's affiliates - QHL Holdings Fund Ten LLC, California TD Investments LLC and Golden State TD Investments LLC - also sought Chapter 11 protection Tuesday.
Quality Home Loans said it has between 1,000 and 5,000 creditors, and expects that funds will be available to pay unsecured creditors.
We are unsure at this time how many employees will be affected by this closure.
Original ailing/watch posting from 2007-08-21:
We received an email indicating that Quality Home Loans is currently but only "temporarily" unable to fund loans:
Quality Home Loans is in the process of re-writing its warehouse accommodations. Unfortunately, this has resulted in a temporary inability to fund loans. We expect this to be completed shortly, and be able to resume funding. Your Quality Home Loans funder or account manager will inform you when funding is available for your loan. We apologize for any inconvenience resulting from this delay. Please accept our apologies and feel free to give me a call with any questions.
Per a Broker Outpost forum topic, account executives are avoiding publishing any information to update the situation at Quality Home Loans but notes that "QHL" is "still here":
We're still here, it's just that we can't disclose any info about Quality because we don't want to get fired. They have people that monitor these sites to make sure nobody is disclosing any proprietary information.
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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.