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Bankrupt AmeriFirst Financial wants court to green light private sale of loans

Bankrupt AmeriFirst Financial is seeking approval for a private sale of loans from a bankruptcy judge to pay off two warehouse lenders.

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Bankrupt Amerifirst Financial seeks approval for loan sale to non-QM shop

Bankrupt Amerifirst Financial seeks approval for loan sale to non-QM shop
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Insider: Sprout CEO Canceled Financing Deal, Ordered Company Closed

Sprout Mortgage was negotiating a financing deal that could have kept it in business, but CEO Michael Strauss canceled the deal at the last minute Wednesday morning. That’s the word from a former Sprout executive, who spoke with National Mortgage Professional on condition of anonymity. According to this corporate insider, a deal with Citibank was on track to be completed, but Strauss changed his mind at the last minute. Terms of the potential deal were not disclosed.

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Sprout Mortgage Shuts Down

Sprout Mortgage, which often billed itself as one of the nation's fastest-growing lenders and largest non-QM originators, shut its doors today, according to former employees. The former employees, who asked not to be identified, said Sprout President Shea Pallante held a companywide phone call this afternoon to break the news to all staff. One former employee said the call originally was scheduled for 4 p.m. EDT, but was pushed back by a half hour, so was held at 4:30 p.m.

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Credit Union, UW, TPO Products; Report on Lending Trends; FHA and VA News; Sprout s Demise

Many youngsters don’t know the “Shave and a haircut? Two bits!” knock, or musical notes. Some things are timeless, like British Prime Ministers coming and going, and like what happens to certain lenders and investors when rates go up and credit spreads widen out. And we were reminded, in the cases of FHA, VA, Fannie, and Freddie, why some level of government interaction is good as “Sprout is out” was making the rounds yesterday. Sprout, which made a name for itself in non-Agency TPO activity in correspondent, wholesale, and retail channels, shut down. Unfortunately, it is not the first, won’t be the last. In this case, Sprout President Shea Pallante held a companywide phone call. (Word has it that Sprout’s entire correspondent team was let go and moved over to Oaktree Funding Corp. Those impacted can always post their resume for free here, and anyone can view them for several months for a nominal fee.) One industry vet wrote to me saying

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