A mortgage banking firm out of Northern California that was founded nearly four decades ago reportedly laid off all of its employees and ended lending operations.
First California Mortgage Co. was originally founded in 1977. First Cal subsequently launched Headlands Mortgage Co.
According to First Cal’s LinkedIn profile, Headlands grew to become a 42-state lender and “was sold to a Fortune 100 firm in the mid 1990s.”
First Cal was restarted in 2002 by its president and chief executive officer Chris Hart.
As of last July, the Petaluma, California-based organization reported that it was approved by Fannie Mae, Freddie Mac and Ginnie Mae.
Its LinkedIn profile reflected between 201 and 500 employees.
In the Golden State, First Cal is licensed with both the California Bureau of Real Estate and the Department of Business Oversight.
But last year, the company failed to pay its DBO annual assessment and was hit with a Revocation Order in December 2007.
Comments from former employees on job-finding websites say the company went out of business in December and laid off all its employees.
The company’s own website, www.FirstCal.net, is no longer functional. A call to its main number yielded an out-of-order sounding busy signal.
In a story covering First Cal’s demise, Inside Mortgage Finance reported $0.561 billion in residential loan originations during 2017.
