Tuesday, June 05, 2007

Another Local Lender "Implodes"

From The Mortgage Lender Implode-O-Meter:

We recently got word that Heritage Plaza Mortgage (HPM), a Stockton, California-based Alt-A lender was no longer in business:
I used to work for an alt-A company based in Stockton, CA called Heritage Plaza Mortgage. They are no longer in business. If you google and check out cached web pages, you'll get an idea of what they did. Heritage Plaza Mortgage had a corporate office in Stockton, CA and branch offices in Concord, CA and Sacramento, CA and in addition to its wholesale arm had a retail arm called loanready.com. It was licensed to lend in several states . . .

At its height in 2005, it closed roughly $750 million - $800 million in loans. Word on the grapevine is that in its last month (March or April 2007), it closed about $4 - 5 million in originations.

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