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Monday, February 20, 2006

More Mortgage Co. Shrinkage

Another local mortgage firm has been shrinking lately. Mortgage Investment Lending Associates, Inc.'s staff has shrunk by roughly 17% since January.

Rising mortgage rates and the slowing housing market nationwide have caught up with Mortgage Investment Lending Associates Inc., which has reigned as one of the region's fastest-growing companies.

Better known simply as MILA, the wholesale mortgage lender has reduced its work force by about 120 people since Jan. 1.
...
The lending company now employs about 600 people, according to company estimates.
So much for that "fastest-growing" title, I guess. Maybe they should think about getting into the foreclosure business.

(Eric Fetters, Everett Herald, 02.15.2006)

4 comments:

Dukes said...

This is interesting as I know of two people who are now in the lending biz when they would never be if it weren't for this bubble.

Neither are great sales people and I am sure they will get flushed with the tide.

S Crow said...

We've received a couple resume's from MILA refugees recently.

I'm really curious about Merit Financial in Kirkland/Bellevue. Anyone hear anything about them? Evidently they were one of the best "100 companies to work for in Washington." We are hearing that there has been serious financial problems and corporate challenges. Maybe the success bug started weighing on the shoulders?

Dukes said...

I have not heard anything about Merit, but I would also be curious as to any info on them.

I am not sure if they are a listed company, I searched but didn't find their symbols.

Anonymous said...

I worked for Merit for 4 or 5 months, partied with the excecutives and lived the high life while it was hot. Good start, best business plan, frat boy mentality and way too much coke. That is if you ask me...