AmeriSave Wholesale Mortgage Solutions Abruptly Shuts Down. Company Says Team Members Will Stay To Close Out Existing Loans
Amerisave Wholesale Mortgage Solutions (AWMS) announced yesterday on Facebook that it is closing it doors. The company made the announcement in a mortgage loan officer Facebook group. The announcement simply said the company is “closing it doors effective immediately.”
The Facebook post also states that AWMS will honor existing loans in the pipeline.
The company said all loans must be rate locked by 9/2/22 at midnight. They also stated that all loans must close by October 31.
The post also states that:
AmeriSave’s website was still active Thursday evening. It also showed no indication that the company had closed.
The post did not provide any information regarding their fate. It is also unknown how well the company fared in the first six months of this year.
AmeriSave Wholesale Mortgage Solutions reported funding nearly 80,000 refinance and purchase loans through the first six months of 2021. The company stated this represented an 86% increase in refis and a 780% increase in purchase transactions year-over-year.
In June 2021, AmeriSave launched its wholesale division, AmeriSave Wholesale Mortgage Solutions. At the time, the wholesale department had over $250 million in the pipeline. Amerisave also stated the company had added over 250 new brokers.
Michael Brenning, president of Wholesale Lending at AmeriSave Mortgage told the media:
At this fast pace, our goal is to close $5 billion by year end and, beyond that, we want to become one of the top two wholesale lenders nationally. Not only do we want to be the best, but we also want to be the most reliable name in the industry.
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