The Mortgage Store Financial - Alt-A


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Update, Sept 12, 2007: A number of people have written in to confirm TMSF's "implosion". Apparently lending has halted and there is not much staff left. Here is a sample:

I can also Confirm that the Mortgage Store has infact Imploded, and should be moved from the "ailing" to "imploded" list. As a Former Employee, I can tell you they were doing close to 200 million a month in fundings at their peak as well as loans in most states (I want to say 46 states or so). Towards the end, they were funding loans only in CA, and had a Skeleton crew of employees. TMS was notorious for "firing" everyone they let go, even though everyone knew it was a layoff, and likely were in violation of the WARN act (I will be investigating that matter). They relocated from 4 Floors in a downtown Los Angeles High Rise, to a much smaller area a couple Blocks away. They then fired their last remaining Operations Employees and I it is my understanding they have relocated yet again, and will, or have revered back to being a Broker Operation.

As the tip points out, they may continue as a broker operation, but as a lender, are done.

Original entry:

We have received information indicating that the Mortgage Store Financial ( have ceased lending. Per one informant on August 24th:

Check out The Mortgage Store Financial Inc. ( 800-490-2274). This Los Angeles based Alt-A lender was doing over $100 million per month in Alt A wholesale but they have taken their web page down and have not been accepting new applications since last Thursday. An employee told us they are going out of business. It's a public company, but is mainly privately held.

And today, a separate source notes:

Los Angeles, Ca
400+ employees, now 28 remain for servicing ...
No longer [accepting] loans ...
1 billion + in originations last year
last rate sheet posted 08/16/2007

We were able to confirm the rate sheet has not been updated since August 16th.

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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.