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The Lending Company Inc. - Wholesale - Agency, FHA/VA
2009-10-27
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It appears The Lending Company largely exited wholesale lending on 2009-10-16. One of the emails forwarded to us said "Effective immediately... we will be closing down the wholesale department." Another reiterated that announcement, and indicated The Lending Company would be focusing on its retail lending going forward. When we contacted the company, we were told some brokers were being retained and provided with a third version of the announcement:
"Due to the ever changing and evolving wholesale lending market and the need to focus on our growing retail division, The Lending Company has decided to discontinue accepting wholesale submissions from a majority of our brokers effective immediately. The Lending Company will still continue to accept wholesale submissions from a select group of brokers into the foreseeable future."
In 2008, the company averaged less than $3 million per month in overall origination volume. However, Wholesale Account Manager Brian Seligmiller told us in an interview that the wholesale team had hit a peak of $20 million in monthly production before the decision was made to shut it down. The Lending Company's web site lists approximately 230 employees. Seligmiller didn't mention there had been any layoffs.
Based in Scottsdale, AZ The Lending Company also has offices in Glendale, AZ and Denver, CO. Recently, the company employed a team of LO's in Phoenix, AZ led by former Northeast Mortgage Corp.'s CEO Brian G. Rogerson following that company's implosion.
As usual, contact us with any additions or corrections to this listing.
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I_Like_2Mortgage at 04:54 2009-10-28 said:
Wholesale Account Manager Brian Seligmiller told us in an interview that the wholesale team had hit a peak of $20 million in monthly production before the decision was made to shut it down.They must have been selling peanuts. A small - mid size retail operation does $20 million monthly. Permalink
WhatGoesAround at 11:23 2009-10-30 said:
What a joke is right...The Lending Company's CEO said, once in my presence,..."I don't like the word INTEGRITY". Then he proceeded to make some disconnected reason why it wasn't synonymous with "doing the right thing", etc. But after dealing with him for a year, it became clear as he manipulated guidelines and contracts to blur the lines between legal and illegal, decent and underhanded...I'm sure you get the point. He even dogged out relatives and I once saw him chew out, brow beat, and loud talk kids that were being good, manageable, and barley noticeable! Ebeneezer Scrooge would be more accurate! In the words of a real gentleman, Bob Marley - "WHAT GOES AROUND, COMES AROUND"! Permalinkadd a comment | go to forum thread
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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.
