One of my favorite little secrets for A paper and Alt-A has been SCME. As of 16 minutes ago...
Per the notice on their website that just went up now:
It has been a wonderful 24 years. Thank you!
As you are aware, the liquidity crisis in the mortgage lending industry has adversely impacted nearly every major mortgage originator, mortgage investor, and warehouse lender. SCME is no exception. We have spent a great deal of time analyzing the market and SCME's role in the future of mortgage banking. There is every indication that the liquidity crisis will continue for the foreseeable future, causing significant challenges to our organization.
We would like you to know that SCME has valued our relationships over the past 24 years, resulting in strong partnerships and lasting friendships. Thus, our decision has not been made lightly, nor has it come easily. Effective the close of business today, September 28th, 2007, SCME will no longer accept wholesale business. Any loan that is not funded as of today will be returned to our customers.
This has been a very difficult business decision to make. We understand the impact this decision will be for our valued customers as well as our loyal and appreciated employees. Over the past 24 years, we have met and have had the honor of working with some of the best people in this industry. We pray that each of you will find your way through these tumultuous times. Thank you for your business and for your understanding.
Good luck and God Bless . . . .
There are some lenders I am glad have gone out of business. They were not one of them.
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Thanks for sharing. Tough business decisions will be coming for other lenders and Realtors as well.
Rob
Mike, thanks for the post. We had turnover with SCME Account Execs here in Tucson; one in particular was just excellent at her job. When they let her go, I thought the handwriting was on the wall. I appreciate your blog, and have added you as an associate.
Mike in Tucson
Very good post-I totally agree.
Thanks for sharing it.
Mike,
WOW! It continues to amaze me how many people have been affected by this mess!
Lucky
Mike,
I never heard of them, but It's obvious i'm too late anyway.. It's really getting bad for lenders right now.
Tom Weiss
this sucks
but I feel that a lot of my best lenders have only solidified their positions
it is nice having people locally to bounce lenders around with to see who has which lender performing for them
I just did an exhaustive search for a common scenario down here... and found that the top 4 lenders on the list for rates, programs and ease of processing are all lenders I use and have had success with
that makes me feel good about my list