Quite a few correspondent partners of First Guaranty Mortgage Corporation (FGMC) have reached out to me since the mortgage lender laid off close to 80% of its workforce on Friday and essentially shut down.
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Hello, LOs!
Quite a few correspondent partners of First Guaranty Mortgage Corporation (FGMC) have reached out to mesince the mortgage lender laid off close to 80% of its workforce Friday, and essentially shut down.
A Georgia-based lending executive told me, "I can tell you that FGMC is NOT continuing to fund loans, engaging proactively with its customers. We have received no communication with them and have about $1 million out on the line with them." A different lending executive said his company has a non-delegated USDA loan cleared for purchase, "but they won't even buy that." He said he had to call USDA to get an exception and pay for the guarantee fee on the loan, as FGMC underwrote it.
"FGMC is refusing or unable to honor locks — this includes loans that were cleared for funding and loans they underwrote," the executive said. "I have done this for 30 years and not seen it done this poorly."
LOs on the correspondent side — has this happened to you? What are your options when a company won't honor locks? Do you expect this to happen to other funders? Please share your experiences and thoughts with me at flavia@hwmedia.com.
Lending partners of FGMC are frustrated. They say the company agreed to buy millions of dollars in mortgages, but has gone silent since laying off about 80% of its staff on Friday.
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The Prestwick Mortgage Group, an advisory and brokerage firm, has unveiled an offering for a $1.6 billion package of Fannie Mae, Freddie Mac and Ginnie Mae MSRs.
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