Despite being listed on the ML-Implode website as Imploded, Raymond Eshaghian and The Mortgage Store Financial is still in the mortgage business. Yes, they've dropped being a wholesale lender, and their loan volumes are nowhere near former levels, as they focus on being 100% retail.
Senderra Funding, founded by Brad Bradley who previously founded EquiFirst, started life out focused on non-prime. Now, they're transitioning, or already transitioned to, being an 'A' agency player. Not even Goldman Sachs, can indefinitely fund and hold loans.
One of my former clients from WeirdLoans, Toby McLaughlin who was an account executive with Lenders Direct, is now working retail as a broker.
What do these stories have in common? Its simple adaption to conditions that threaten the companies and individual extinction. The mortgage industry is the Galapagos Islands for anyone wanting to study the evolution of financial firms when stressed and forced to adapt. The winners are those who change, and survive. What new traits will the survivors spread to the future companies in the mortgage industry?
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