ACH: ARGENT, AMERIQUEST & AMC chit Can 2500+ peps

[carbonmarine]

Well,
Its starting folks... for all those that've been on the sidelines.. The spectator sport has begun ...
This summer is going to be a tough one for lotsa boat'in folks as ACC ... Whom owns Argent, Ameriquest & AMC Mortgage Services just chit canned 2500 pep's & 96 offices... That'll send some ripples through the IE & OC counties.... :rolleyes: :rolleyes:

[robk]

Well,
Its starting folks... for all those that've been on the sidelines.. The spectator sport has begun ...
This summer is going to be a tough one for lotsa boat'in folks as ACH ... Whom owns Argent, Ameriquest & AMC Mortgage Services just chit canned 2500 pep's & 96 offices... That'll send some ripples through the IE & OC counties.... :rolleyes: :rolleyes:
make that 180 branches.

[robk]

http://quote.bloomberg.com/apps/news?pid=10000103&sid=au9kDOAIr5po&refer=news_index
Rob

[welk2party]

Not surprising really. Bound to happen eventually. The industry needs a little house cleaning IMO.

[Tequila-John]

wow crazy. We are a pretty small shop so we be good. Weed out alot of slow movers

[jbtrailerjim]

I'd think this is only the begining for the mortgage industry. The home refi's and house buying boom could not go on forever.

[welk2party]

Like I saw mentioned earlier, the industry will get back to the point where you have to be a lillte more knowledgable and creative to get business. The days of application takers is fortunately close to being over. Not to worry though, everything has it's cycles....it will be back to crazy before we know it.

[Tequila-John]

Like I saw mentioned earlier, the industry will get back to the point where you have to be a lillte more knowledgable and creative to get business. The days of application takers is fortunately close to being over. Not to worry though, everything has it's cycles....it will be back to crazy before we know it.
I hear ya brother...

[Parker Dreamin]

Hope this does not effect too many people that we know.... Best of luck to all.

[Blown Lavey]

The loan industry could use a thorough cleaning, bunch of half ass wanna be loan brokers out there. No disrespect to the people that made it a career before they saw dollar $$$. :rolleyes:

[25Elmn8r]

Heard rumors of this coming for some time. Knew it was bound to happen sooner or later.
Jacka$$ in charge over there has done this multiple times. Hire to meet the current needs, lay'em off when things slow down.
The number I heard was 6200! DAMN!!!

[Mandelon]

Ameriquest Parent ACC Capital Will Cut 3,800 Jobs :skull:

[riverroyal]

how the housing market is feeling signs of slowing,but the commercial and industrial building industry is going crazy.Typically they slow together.

[Nord]

Funny, because when I ask my customers who are in the mortgage biz, they all say its great................LIARS!!!!!!!!!

[CARLSON-JET]

These fine folks will soon find work on the forecloser side.

[wing-n-it]

The loan industry could use a thorough cleaning, bunch of half ass wanna be loan brokers out there. No disrespect to the people that made it a career before they saw dollar $$$. :rolleyes:
Agreed ! There is a lot more to being a "great" loan officer than spouting off a bunch of false promises to a potential customer, and then not being able to deliver. I always welcome a "cleaning house". It makes my job so much easier when my competition actually has to know something. I have always refused to "play the game". I will graciously bow out of the deal before I will lie to the customer. I have lost many deals that way, but that's always been o.k. with me. It's a lot easier to compete with the competition when you are genuinely comparing apples to apples. After 25 years of this brutal industry - I remember re-fi mania back when rates fell to single digits. How quickly we forget how good we really have it. Good luck to all who are effected by this.
My advice is always, and has always been - do not live beyond your means.
There is no security in life, only opportunity. Look for the opportunity.
Debbie

[BoatFloating]

Lime Financial who I work for is hiring people and increased operation team. So some of the mortgage companies that did reckless loans in the past few years are paying the price now.

[Mandelon]

These fine folks will soon find work on the forecloser side.
Thazzz what I am talking about. I rehab foreclosure homes for banks and lenders in San Diego. We've gone from 0 foreclosures in the past couple years to dozens that are in process and set for rehab or servicing in the past few weeks.
They are telling us to gear up cuz there are hundreds of them in the pipeline for the next few years.... :2purples:

[BoatFloating]

Thazzz what I am talking about. I rehab foreclosure homes for banks and lenders in San Diego. We've gone from 0 foreclosures in the past couple years to dozens that are in process and set for rehab or servicing in the past few weeks.
They are telling us to gear up cuz there are hundreds of them in the pipeline for the next few years.... :2purples:
We need to talk and buy a few right????

[ROZ]

They are telling us to gear up cuz there are hundreds of them in the pipeline for the next few years.... :2purples: Think I could buy an old spectra with work like that ? :D