It seems like the market is dropping lenders like a bad habit!
It's really bad for those who are losing their jobs in this market.
It's becoming harder and harder for a Loan Officer & Realtor to survive in this market.
The worst part of it is that most employees received no indication that their company was going to go 'under'.
Apex on the other hand has been having problems paying their employees for loans that were funded months ago! Now they plan to file bankruptcy, and the loan officers will not be paid!
American Home Mortgage warned their employees of a possible closing a 'few days' before they actually closed their doors.
Countrywide might be one of the worst offenders yet.....Since the beginning of the year, their CEO has been dumping all his stock options. If this isn't a bad indication, I dont know what is. I'm sure their Sr. Managers are promising the 'stars' in hoping to retain their employees. Former Countrywide employees have been mentioning to me that it is 'common' to have layoffs every year, and it wouldnt be something new.
Mortgage Companies that have Imploded Mortgage Implode
I thought that Apex was a net branch, not a lender.
Am i thinking of some other outfit?
Apex, in Brandon Fl, is the firm that closed and they were a net branch. There is a firm in Clearwater called Apex Lending... totally different people and they are fine.
Yes....that's a different company.
(Apex Lending)
SCME Mortage Bankers (Wholesale) - Retail/Wholesale Alt-A Lender another lender going out!