SCME Mortage Bankers - Retail/Wholesale Alt-A Lender
Update - 2008-04-24: From an email in today we learn that SCME shut down its retail division as of 2007-12-31. Following the closure of their wholesale operations, there were approximately 50 people left between the corporate office and retail staff/LO's. Retail operated out of their San Diego, CA headquarters and produced $7 to $15 million in originations according to a former manager we spoke with.
(Update 1, 2007-09-28 - 5:30pm Eastern) We've received volumnous word from current and former employees and correspondents of SCME that they have shut down their wholesale operations. We are informed that only their California retail will remain (something a bit less than a dozen branches).
Below are key portions of communications of an AE at the company which was forwarded to us:
A source gives as far as numbers on SCME: "Over 250 employees 11 branches closing 500mil to 800mil the last three months dropped to 150mil".
We were first alerted to the possibility of large-scale shutdowns back around the beginning of September, when an informant reported deep layoffs at the company.
A description of the company is available at its "about" page (partially reproduced below):
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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.