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ResMae stops funding loans

November 6th, 2007, 1:22 pm · 4 Comments · posted by Mathew Padilla, Reporter

ResMae Mortgage Corp. in Brea today sent an email to mortgage brokers saying it will temporarily stop funding loans effective immediately.

Lou Pacific, a broker and real estate consultant in Mission Viejo, forwarded me the email, which states….

“ResMAE has been steadfast in its commitment to the mortgage market and its broker partners since 2003. However, the current unprecedented market conditions have forced us to change course. Effective immediately we are temporarily suspending new loan originations. We understand the disruption and inconvenience this may cause you. Our National Operations Center in Brea, CA will continue to support existing loans in the ResMAE pipeline and will continue to fund loans through their commitment expiration dates. Commitment dates will not be extended.

Despite the suspension of loan originations, ResMAE will continue to operate its fully staffed loan servicing operation in Brea, CA.

While these are difficult times for the entire mortgage industry, ResMAE remains committed to delivering excellent customer service through this transition.
ResMAE Mortgage Corporation wants to thank all of its broker partners and for the business it has received over the years and sincerely wishes all of you success in the future. “

I tried calling the company and couldn’t get past voicemail.

ResMae is a subprime lender that was scheduled to emerge from bankruptcy in June, after being acquired by Citadel Investment Group.

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Posted in: Company Watch • Subprime news |

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4 Responses to “ResMae stops funding loans”

  1. Julu Says:
    November 6th, 2007 at 9:42 pm

    Sooo layoffs in the works or what?

  2. Tom M Says:
    November 7th, 2007 at 8:35 am

    Is that temporarily like forever?

  3. chuck Says:
    November 7th, 2007 at 4:51 pm

    CA is going to see a severe recession led by this housing depression sell your home now if you can while you still have some equity. You can buy it back in 5 years at a 40% discount.
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