American Brokers Conduit sent out the word on Thursday that they were officially closed for good. ABC sent out e-mails to its brokers and posted a message on its website which shut down.  American Brokers Conduit lost its credit lines so therefore lost its ability to fund loans. The company wasn’t in trouble but when it lost its ability to fund loans and couldn’t find an alternative source of money it had to close its doors.  Several lenders have tried to take the loans that could not fund with ABC.

This leaves some Delaware Homeowners and future homeowners with approval for loans that won’t fund. If you have a Delaware Mortgage that was with ABC then your broker should be trying to take your loan to First Bank of Arizona or Plaza Home Mortgage both will accept ABC approved loans and close them within 24 hours.

If you have a Delaware Mortgage loan that is considered an Alt-A loan then you may be in some trouble if it hasn’t already closed, then you may find the rate has skyrocketed (Chase & Suntrust have jump Alt-A rates) or is gone. (Wells Fargo stopped funding Alt-A loans altogether.) National City Mortgage is no longer doing any stated loans period.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713