Wall Street Financial Corp - Wholesale - Agency, FHA, Jumbo, Non-conforming, Commercial

Update - 2009-01-21: We finally heard back from Wall Street Financial Corp. John F. Raffa, Managing Director called and sent an email confirming the shutdown of the Wholesale Division. Wall Street would like to make it very clear they are still in full Retail operation:

"Wall Street Financial Corporation did not close its business nor is it planning to do so. Wall Street Financial merely close a Wholesale Division which was located in Marlton, New Jersey in order to allocate all its resources to the Retail business, which has been very successful since the company opened for business 21 years ago, in 1988."

Click here to view the entire text of the email sent to us.

Original Listing - 2009-01-16: The phone line 1-866-FHA-1003 is disconnected, and the email sent to multiple Brokers was short and to the point: "As of 1/16/2009, Wall Street Corporation has decided to end its Wholesale Division."

Wall Street Financial Corp., Inc. based in Fairfield, NJ appears to have exited wholesale, a loss of primary investors being the cause according to a source we spoke with. The web site is "no longer available." Our attempts to reach the company or any of the offices listed on CityTownInfo were met with disconnected, invalid, or "wrong number" responses.

Wall Street Financial Corp had five retail offices per their Retail web site (view cached) and handled commercial business in addition to residential mortgages. The Retail site appeared to be up and working as of 2009-01-16 (archived), but calls to the offices listed there (view archived) including the 800# listed on their "Contact Us" page (archived) yielded similar results. It appears the entire operation, not just wholesale, is gone.

We placed multiple calls in to Khaled Mostafa (we're told he's the owner) without success. We know he was in his office yesterday, but were told he was not there today.

An overall average monthly volume of $36.4 million in 2006 had dropped to just over $18.4 million per month in 2007. According to their web site, Wall Street Wholesale did business in seven states including CT, DE, MD, NJ, PA, SC and VA. It is not clear what percentage of the overall volume was attributable to wholesale operations. Manta.com indicated 33 employees at the Fairfield, NJ headquarters. They are listed as an FHA-approved lender, and were weighed with a 14.96% default rate on FHA originations for the two years ending 2008-11-30 per HUD's Neighborhood Watch system.

Wall Street Financial Corp., Inc. is not to be confused with Wall Street Financial Corp. in Archibald, PA.

We are still working to gather more details on this lender's operations, including the total number of employees affected or specific volume info related to the retail, wholesale and commercial divisions. If you can fill in the blanks, please don't hesitate to contact us.