Silver State Mortgage - Wholesale
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stories: housingwire.com, lvbusinesspress.com
They're shutting down national operations—for now. I assume there some some possibility they will continue in some capacity, based on the notice on the web site:
As of 12:00 PM PST, Silver State Mortgage has ceased all national operations. Although this is a difficult time for our loyal broker and builder clients, we are confident that the current opportunities that we are evaluating with other financial institutions will provide a stronger platform for our trusted clients.
The Wholesale Team will remain in place and your Account Executives will be providing information when our new partnership is finalized.
We greatly appreciate your business and look forward to enhancing our business relationships.
A resident local to the NV headquarters reports that at least 800 will be (are?) out of work there. Here is some more background information courtesy of HousingWire:
Silver State had been a mainstay on the Inc. 500 list of the nation's fastest-growing private companies for three years, ranking #159 in 2004, #214 in 2005 and #227 in 2006, and was recently rated the nation's fastest growing wholesale lender in the third quarter of 2006 by competing industry source National Mortgage News.
Silver State, who provided retail and wholesale mortgage services in Nevada, California and 18 other states, is the latest in a growing string of troubled lenders caught off guard by quickly deteriorating conditions in the subprime credit sector.
No reason was given for Silver State's closure, however, and as of HW's publishing deadline Thursday it remains unclear which Wall Street firm had provided the company with its funding. Calls to the company seeking comment were unreturned.
"Even if Merrill wasn't pulling the purse strings on this one - and at this point, I'd find that very hard to believe - somebody yanked the rug out from under [Silver State]," an anonymous industry source told Housing Wire.
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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.