According to an internal e-mail, Group One Lending, the wholesale arm of Northwest Mortgage Group, has ceased operations.
However, in recent months the company focused mainly on conforming loans which could be purchased by Fannie Mae and Freddie Mac, like most others struggling to sell off loans on the secondary market.
The mortgage lender is based out of Portland, Oregon, and according to an inside source, had about 65 employees and funded roughly $100 million a month during its prime.
The e-mail said that the company would continue to accept loan applications until the end of business today (August 30th). So get those loans in immediately if you want them to fund them!
All loans currently in the pipeline will continue to be processed and ultimately funded if all conditions are met by September 28th.
There was no official notice of the closure on the Group One Lending website as of this posting.