Texas mortgage group to close doors, affiliates to rebrand
The four Texas branches of the Texas Association of Mortgage Professionals are disaffiliating themselves from the state nonprofit and potentially changing their names after TAMP filed for bankruptcy protection with plans to close up shop. TAMP filed a Chapter 7 liquidation case claiming $100,000 to $500,000 in estimated liabilities owed to up to 49 creditors. TAMP had up to $50,000 worth of assets at the end of May, according to the bankruptcy filing. "The dramatic erosion in membership and the downward pressure on revenue generation, the financial constraints as a consequence have placed TAMP in an untenable position," said Ron Smith, president of TAMP in a letter that was published by Mortgage News Daily. "After long and thoughtful consideration, the board of directors of TAMP has elected to discontinue operations and close its doors." TAMP has four branch chapters located in San Antonio, Houston, Dallas and Austin. Dallas represents the North Texas association and Austin represents the Central Texas association. While the statewide nonprofit is shutting its doors, the four local chapters are making other plans. Jim Lindquist, president-elect of the North Texas Association of Mortgage Professionals and a representative of Cendera Funding, confirmed Tuesday that his chapter will continue operations as normal and stay affiliated with the national parent group, the National Association of Mortgage Brokers. "Some have asked us how this bankruptcy is going to affect us on a local level, and the answer is it's not going to," Lindquist said. "We are still going to support the national organization." Ed Kampf, president of the Greater Houston Association of Mortgage professionals and a representative of Hancock Mortgage, said the Houston group would also be changing its name and rebranding. Representatives of the Central Texas Association of Mortgage Professionals and the San Antonio Association of Mortgage Professionals were not immediately available for comment but the Austin Business Journal reported the CTAMP plans to continue its operations. Write to Christne Ricciardi. Follow her on Twitter @HWnewbieCR.