The demise of a Georgia-based wholesaler has been confirmed by MortgageDaily.com.
Choice Capital Funding, which originated more than $420 million in loans less than two years ago, has apparently shut its doors.
The company, based in the Atlanta suburb of Apharetta, did not renew its state mortgage license, allowing it to lapse on July 28, according to records posted on the Web site of the Georgia Department of Banking and Finance.
There were no answers or even connections on the company’s local and toll free phone numbers, and its Web site is no longer operable.
Operators of the company also could not be reached to comment.
An archived page on the former Choice Capital Web site describes the company “as a wholesale mortgage lender currently servicing 27 states throughout the country. We are the only mortgage lender to provide ‘Same Day Approvals’ on every loan file submitted, we guarantee it.”
Choice Capital processed 423 Georgia loans last year with no consumer complaints, according to the state.
According to AllMortgageDetail.com, a searchable database of mortgage data for all states, counties, areas, and lending institutions in the country, Choice Capital processed 2,901 loans in 2005 totaling nearly $424 million. The database reportedly uses figures provided by the U.S. Department of Housing and Urban Development, or HUD.
The average loan applied for was $139,850 with the average applicant earning $66,680, the record shows.
Business was better in 2004, when the company processed 3,306 loans totaling $459.3 million. In 2003 it processed 3,151 loans totaling $408 million.
The same figures for 2006 were not available on the database.
According to Dun & Bradstreet, a business credit monitoring firm, Choice employed about 60 people and was founded in 1999. Scott L. Marshall is listed as president and annual sales of $8.5 million are listed on the report.
