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|Mortgage Brokers Alert: Aegis Wholesale Corporation|
|On August 14, 2007, the New Jersey Department of Banking and Insurance issued legal documents ordering Aegis Wholesale Corporation to stop doing business in the state and took the initial step toward revoking the company's mortgage lender license.
On August 6, 2007, Aegis Mortgage Corporation, the parent company and funding source for Aegis Whosesale Corporation, announced it was unable to fund home loans in its pipeline. All brokers should have been instructed to immediately seek alternative funding sources with which to close any loans previously placed at Aegis.
Aegis is actively pursuing alternative financial contacts for brokers to place their loans. The New Jersey Department of Banking and Insurance is working with industry leaders to facilitate other potential funding sources.
For questions regarding Aegis Wholesale Corporation, contact Pam Whitford, VP/Director of Compliance, 713-458-6658; or Mike Balog, EVP & General Counsel, 713-458-6650.
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State of New Jersey
New Jersey Department of Banking and Insurance