Superior Mortgage Corp - Wholesale - Agency, FHA
With an off-day announcement in the morning of a national holiday - Martin Luther King Day - Superior Mortgage Corp. of Hammonton, NJ announced they were halting wholesale business "temporarily." From the memo:
Another source gave us this:
"They are sitting tight for 60 days... not accepting new apps. With Chase exiting they do not want to be left with huge pools of loans they cannot sell."
Superior Mortgage Corp., both a retail and wholesale lender and approved FNMA/FHLMC/GNMA seller-servicer per their web site, averaged nearly $74 million per month in overall originations for 2007. Sources tell us wholesale was their "bread and butter." CEO and founder Stephen M. Cors is on vacation per a recorded voicemail message, but we spoke at length with Executive Vice President Brian Voglesong who sent us the following statement:
Voglesong stressed that Superior Mortgage had been a "boutique" wholesaler, catering specifically to brokers in its geographic footprint and market familiarity primarily in the state of New Jersey, with additional business coming from PA and a small amount in NY.
The retail web site indicates branch offices in PA, FL, MD, NJ, DE, RI and MA. CityTownInfo lists eight branches. A source familiar with the company told us Superior Mortgage Corp. previously had net branches as well, but exited that arena some time in 2006.
We will continue to update this listing as new developments arise. Please contact us if you have more to add, or post your comments below.
OldTimer99 at 12:46 2009-10-03 said:I think it's a little unfair that Superior is on the "implode" list. This company certainly hasn't imploded; instead they made a reasonable strategic decision to avoid imploding. With all the wholesalers gone, and brokers desperate to move their pipeline of cr*p (the same cr*p that poisoned the other lenders stupid enough to create the product in the first place), it's probably just not worth their time to sift through the junk trying to find a good loan or two. They decided to concentrate on their very successful core business and not get sidetracked by a small blip on the radar. How many companies have the foresight to say 'no' to more business? I've known Steve, Brian and George for many year and this isn't the first time they have made a smart business decision that others would not have had the courage or integrity to make. For example, when net branching became all the rage, they saw very early on the risks of putting originating managers a virtually uncontrolled environment, and overcompensating them for a no-risk job. They stayed away from the big money trend and chose a safer alternative. They are one of very few that has survived with their reputation untarnished, and they deserve every bit of success they have earned. Permalink
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.