Well, my prediction from a few days ago was correct. Everyone at the company was told to leave work early yesterday and to come in at 11:00am for a company wide meeting. We were told that the company will cease operations effective immediately and that we are to fill out exit reviews and pick up our last paychecks.

I was asked to stay with them along with a few others as contracted worked to clear everything out. My part was the transfer and service release all loans that were with our sub-servicers (Option One, Ocwen & Countrywide) to the investor/servicers as soon as RESPA allows. This will be about 1.5 to 2 months of work….

I knew this day would come a while ago, I’ve just been in denial….at least I didn’t go to the other mortgage companies that were trying to recruit me because of the good job I was doing at Quick Loan Funding. Those companies closed down months before.

Ok, we just spoke with the president of the company, we are now both “laid-off” and will be drafting a contract to both work for the company as consultants, we will be paid a little less, but are not even require to show up to work, just get the job done on time. Sweet deal, but I’m sensing something not quite right.

As most people know, during this time (3rd & 4th quarter of 2007) the mortgage industry is not doing well at all, many of the companies I corresponded with has either thinned out the herd or closed down completely. I see the numbers everyday. I don’t think the company can pull it’s own weight for that much longer…I do wonder why I didn’t leave when I had handful of jobs lined up for me, I’m like one of the very few here that has college education. Not that everyone is dumb, but too many are.