Western Residential Mortgage - Wholesale & Retail
This is a back-add for both of this Lender's business channels. From a number of recent tips, we have learned of the demise of Western Residential Mortgage and its wholesale arm, WRM Mortgage. Both of the web sites are down, but you can still view archived copies of their retail and wholesale sites. Based in Phoenix, AZ, Western Residential had five offices. Wholesale operated out of two offices in Phoenix and another in Allen, TX. Retail offices included Las Vegas, NV and Davenport, IA, in addition to 9 Loan Officers working out of the headquarters in Phoenix. There were a total of 78 employees listed on a June 2007 company roster we viewed. An additional wholesale office in Diamond Bar, CA that one source mentioned was not listed.
According to former employees we spoke with, WRM Mortgage ceased wholesale operations in November of 2007 due to the loss of their warehouse lines with Countrywide and The Winter Group (Terwin Advisors, LLC). The latest rate sheet we were provided was dated November 20, 2007. In an email (pdf) sent to employees on 2007-12-04, President and CEO John Richter wrote:
It appears that did not "come to fruition" as one tipster wrote. "They had their last warehouse line with The Winter Group (Terwin) yanked early in 2008." Combined with retail originations, WRM Mortgage had been doing "30-45 million in volume a month" according to several sources. Monthly volume in 2006 averaged $34 million.
"They laid off [almost] all employees (70+) and kept a few real good Retail LO's to broker out loans," one source wrote. Western Residential Mortgage carried on its retail operation until April of 2008. We were unable to confirm the precise dates when each operation was shut down.
Please don't hesitate to contact us if you can provide additional details.
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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.