Decision One Expected to Close Tomorrow

September 20, 2007 No Comments »

I’ve received multiple e-mails today from sources close to Decision One who claim the mortgage lender will be shutting its doors tomorrow.

The subprime lending unit of HSBC has been struggling like many other wholesale mortgage lenders in recent months, and it looks like it may be the end of the line for Decision One.

I reported Decision One layoffs just over a week ago after a source mentioned that the lender had cut a few hundred employees and closed its Phoenix sales center.

That same source told me that roughly 150 Account Executives remained after those layoffs.

According to several new sources, the lender is set to announce its closure tomorrow morning via a conference call.

I’ve been told that some employees will be kept on until the end of the year, likely to help wind down operations.

Decision One has four regional sales centers, located in Modesto, CA, Phoenix, AZ, Chicago, IL, and a main hub in Charlotte, NC.

According to a company capsule, the lender employs 1,500 workers.

Decision One has been around since 1996, and was later bought out in 1999 by Household Finance which was acquired by HSBC in March 2003.

See the complete list of closed lenders, layoffs, mergers, and the latest rumors.

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