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W.J. Bradley Mortgage Capital permanently closes down

Employees told new work will go unpaid

The website of W.J. Bradley tells it all:

On March 13, 2016, W.J. Bradley Mortgage Capital and related companies approved an orderly wind-down of the Company. After consulting with its advisors, the Company determined that an orderly wind-down is in the best interest of the Company, its creditors and other stakeholders.

The Company ceased operations and stopped funding new loans on March 13, 2016.  It is hoped that undertaking the wind-down through this orderly process will reduce costs, avoid additional liabilities, minimize the impact on existing customers and maximize the value of the Company’s assets.

Orderly wind-down?

Maybe not.

According to the Rob Chrisman report on Mortgage News Daily, employees were told not to show up for work on Monday.

Further, in a memo obtained by Chrisman, employees were told, "unless otherwise informed, any work time invested on March 14, 2016 or beyond will be unpaid."

Less than two years ago, W.J. Bradley's mortgage ops were bullish.

Chrisman's commentary indicates regulatory burden may be behind the sudden closure.

Here's the game plan from W.J. Bradley from two years ago:

“We are going on the offense with ability-to-repay. The regulators say, ‘Hey lenders you have an obligation to ensure your borrowers repay. Whether you decide they can repay or not, if it falls out of the QM box, I am going to require you to have some skin in the game,’” Howard K. Michalski, executive managing director, said.

Clearly, W.J. Bradley bet against the house and lost.


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