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MortgageDaily.com (sub for full story) is reporting that WMC’s production (GE Money’s mortgage arm) is off a whopping 60%.
WMC Mortgage originated $3.4 billion in the first quarter, according to a conference call by its parent company Friday.
Quarterly production was off more than 60 percent from the previous period, according to the call.
I believe it too. My company uses WMC and we haven’t sent them anything in forever. They have effectively taken themselves out of the market; and their production shows it. (hat tip: Mortgage Implode-O-Meter)
Last 3 posts by Morgan
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