Aegis Lending Closes its Retail Doors

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Aegis Lending has announced that is is no longer accepting applications from retail customers via a recent update to their web site. The wholesale ARM continues to operate.

The notice reads:

Please
note that effective Wednesday, June 20, 2007, Aegis Lending is no
longer accepting new loan applications from retail customers. If you
recently obtained a loan from Aegis Lending or submitted a loan
application to us and need assistance, please call 800-988-8252. Thank you for your past business.

If you are a broker, please click here to visit the Aegis Wholesale Corporation web site.

Aegis offers a wide range of very risky products including a product that goes to 125% loan to value and a stated income product that went to 100% loan to value with as little as a 660 FICO score. Both products were considered extremely risky and aggressive to even the most brazen in the industry. I guess the appetite for loans not supported by the appropriate collateral just weren’t appealing to the street any more.

We’ll see how much longer the party lasts on the wholesale side.