Starpointe Mortgage - Subprime
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stories: detnews.com, activerain.com
Starpointe Mortgage recently, and quite abruptly, shut down. According to a Detroit News article titled Brokerage shutdown draws prob published on July 3rd:
If that's not bad enough, the article goes on to explain how not seven days prior to StarPointe's closure an email was sent out regarding new agencies and new loan officers that concluded "Keep GrOwing [sic]!!!"
It would seem that there may have been some extraordinary shenanigans going on at StarPointe. You can actually find some commentary including ex-CEO Michael Cosentino's email regarding the shutdown, as well as a copy of the "Keep GrOwing!!!" email alluded to above on ActiveRain. In Cosentino's parting email he notes:
We have been unable to discern the volume of loans handled by StarPointe. Should you have any details please contact 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.