Mortgage 101 lessons from Silver

Mortgage 101 lessons from Silver State KLAS-TV in Las Vegas last week featured "a week-long special segment that focuses on all aspects of buying and selling homes," in which anchors Dave McCann and Denise Valdez interviewed experts in the real estate profession, including:

"Eric Cross with Silver State Mortgage will give a mortgage 101 lesson. Learn more about ARM's, interest only, and fixed loans. Find out which one is right for you."

From the Silver State Mortgage wholesale Web site today:

"Silver State Mortgage has ceased all national operations. Although this is a difficult time for our loyal broker and builder clients, we are confident that the current opportunities that we are valuating with other financial institutions will provide a stronger platform for our trusted clients. The Wholesale Team will remain in place and your Account Executives will be providing information when our new partnership is finalized."

Nobody was picking up the phone at the Silver State wholesale department in Henderson when I called. I left a message but haven't heard back. No news on the company's main Web site, which reports that:

"Silver State Mortgage has been named one of the top two fastest growing wholesalers in the nation. This is magnificent news for us as we not only strive to be best all around but to also grow fast enough to meet your needs."

Silver State is the latest of 22 lenders to earn the "kaput" designation on Aaron Krowne's Mortgage Lender Implode-O-Meter, which was launched Dec. 31 and boasts 160,000 visitors this year.
--Matt Carter, Inman News

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