Group One Lending Shut Down

August 30, 2007 No Comments »

According to an internal e-mail, Group One Lending, the wholesale arm of Northwest Mortgage Group, has ceased operations.

Group One Lending specialized in both Alt-A loans and conforming loans, but due to secondary market concerns, the company was forced to halt operations. Sound familiar?

According to the Group One Lending website, the lender offered 100% financing programs, jumbo and super jumbo loans, limited documentation loans, FHA loans, and VA loans.

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.

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