TransLand Financial - Wholesale
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stories: bizjournals.com, topix.com, thetruthaboutmortgage.com
The Implode-O-Meter called TransLand Financial at 11:45 am (PST) and got through to an operator after attempting to speak to the Processing Dept. (which went straight to voicemail).
We asked for a link to the Rate Sheets and where told "We're not doing loans anymore."
"The only thing we have going is emptying out our existing construction pipeline."
This is the second time we've Imploded TransLand. This time it's over.From an article originally in the Orlando Business Journal titled "TransLand's involuntary bankruptcy case dismissed" the company has agreed to pay back its creditors without going through further bankruptcy court proceedings:
"Maitland-based TransLand's assets will be liquidated and distributed among its creditors, but no one will get all they're owed, says Lynn Hinson, an Orlando attorney at Dean Mead PA representing creditor TierOne Bank of Nebraska."
From an original article by The Orlando Sentinel October 16th:
"TransLand Chief Executive Officer Roger W. 'Roddy' Conner III stepped down Monday only one week after a bankruptcy court examiner issued a scathing report detailing the company's diversion of millions of dollars in mortgage proceeds to pay for some of its own operational expenses."
"In a so-called 'lapping scheme' -- that began in 2004 -- the company took mortgage collections that should have gone to some of its bank clients and paid off money it had withheld from others, examiner Robert E. Lynch said in his report."
From The Truth About Mortgage.com web site:
"TransLand Financial was one of the largest privately owned residential construction-to-perm lenders in the U.S., originating roughly $60 million a month at its peak, though it recently suffered layoffs and its future plans are unknown."
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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.