1st Metropolitan Mortgage Closing It’s Doors – We can help!

Another one bits the dust!  No not the song by Queen… Another National Net Branch company is shedding 80% of it’s branch offices.

Branch managers were surprised by an email yesterday announcement to it’s large branch network that they are closing effective Tomorrow.

Although the branches will have about 30 days to clear out their pipelines this leave many in the lurch.

Acquired in 2002 by Empire Equity Group 1st Metropolitan was one of the largest branch operators in  the country. With well over 100 offices (In June of 2007 they had over 250 offices).

How can this happen to a company that less than a year ago was named one of the top net branch companies in the country?

It will be  a while before the full story of their demise in known but one of the major problems has to be their size. The biggest is not always the best. The bigger a company is the harder it is to keep a firm grasp on the practices of the offices in the network. It’s harder for home office operations to know what their operators are doing and it’s even harder to remember who is who.

For the managers and their staffs this will be a tough period. Many originators are starting to see some light at the end of the tunnel. Business is showing some signs of returning. They will have to find new homes quickly.

We are already in the process of  converting several of their successful offices and hope to bring a few more into our group.

If you are a branch manager with 1st Metropolitan feel free to call me direct to discuss converting your office over to our network.

To learn more about our branch opportunity please visit out website www.NetOriginator.com

You can also read the articles in this blog for information.

You can also call me direct at 407-459-4119.  If I cannot help you because we are not in your area I will be glad to help connect you with a reputable company that can help.

Lee Walsh
Branch Development

*** 01-02-08 update.. I have heard several stories.. 1. that they are converting to a bank and are eliminating all smaller branch offices, 2. they have had audit problems with some states and investors and are downsizing  to regroup. 3.The other is that they are planning on merging with another company that requires each branch to close a high number of loans a month for acceptance.

No matter what the real story is – the branch managers that have to move quickly to find a home for new loans have some tough decisions to make in the next few weeks.  Fell free to contact me for any assistance that I can provide.

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