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Sunday, November 11, 2007

Mortgage Lender Implode-O-Meter

This is an interesting find for those interested in tracking mortgage lenders' performance during these difficult economic times. The blog is called the Mortgage Lender Implode-O-Meter. It tracks the success or lack of success of mortgage lenders, and lists those that have gone under since 2006. It is frightening to see the brand name lenders that are no longer in existence or offering mortgages. You can view Mortgage Lender Implode-O-Meter to see what is happening to the big names.

According to their site, 182 lenders have imploded since 2006. Some of the names include:
Ameriquest, New Century Financial Corp, Edgewater Lending Group, and Aegis Home Equity. On the ailing list, mortgage giant Countrywide Full Spectrum Lending is going though tough times, exiting the sub prime market and returning to traditional loans to survive these times.

Countrywide's difficulties have significantly impacted the loan signing business. Many notaries are looking for work outside the industry or falling prey to sales marketing sites that offer the promise of exclusive signings through specific lending companies. Notaries beware.

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