Special offer
Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Licensed in 20 states)

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Rainmaker
1,055,342
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Wow, they're saying 'nothing to see here, business as usual' . . . hopefully you'll be able to help some folks!

Jul 09, 2019 02:05 PM
Rainmaker
1,505,053
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

That is interesting.  I had not heard of this, nor did I have any deals with them, thank God!  Interesting that it's Blackrock that's a majority shareholder, they're a huge rental investment company.

Jul 09, 2019 06:18 PM
Rainmaker
1,319,592
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Stearns is not closing down...they are re-structuring their finances through bankruptcy.

From the article to which you linked:

In a release, Stearns said that during the bankruptcy proceedings and restructuring the company is “operating as normal and its approximately 2,700 employees are focused on providing customers the high-quality service they expect from the company.”

Of course, time will tell.

Jul 09, 2019 05:38 PM
Rainmaker
1,846,141
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Interesting that people are backing away from lending. Just read about Deutsche Bank the other day.

Jul 09, 2019 04:06 PM
Rainmaker
4,580,283
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Your question introduced me to the name. Hopefully your offer of assistance will calm impacted borrowers' fears.

Jul 09, 2019 02:28 PM
Ambassador
5,250,191
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I had heard they were restructuring.

The article you linked says it's business as usual though - Blackstone will be providing the backing - lending will not be impacted.

Jul 09, 2019 08:39 PM
Rainmaker
2,396,773
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I've never even heard of them Caroline Gerardo , not as a Realtor of as a professional closer.

Jul 09, 2019 06:58 PM
Rainmaker
2,071,025
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Can you do Florida too?

Jul 09, 2019 06:25 PM
Ambassador
3,348,169
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Oh Boy!!!  I do not.  Thank you Caroline Gerardo for letting us know and for offering to help.  

Jul 09, 2019 05:48 PM
Rainmaker
7,855,593
Roy Kelley
Retired - Gaithersburg, MD

Thanks for your offer.

Jul 09, 2019 05:07 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Caroline,

How nice of you to step up to the plate and help out.  A

Jul 09, 2019 02:14 PM
Rainmaker
4,895,396
Richard Weeks
Dallas, TX
REALTOR®, Broker

Never used them.

Jul 10, 2019 03:32 AM
Ambassador
6,409,991
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I wonder what the real reason is.

Jul 09, 2019 08:27 PM
Rainmaker
2,783,666
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Way to go dynamo....

Jul 09, 2019 03:47 PM
Rainmaker
635,807
Jason E. Gordon
CMG Mortgage, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

Not sure they can cite "rising interest rates" as the accurate reason for filing Chapter 11, but as we know, there are plenty of other challenges threatening the profitability & sustainability of mortgage companies nowadays.  

Jul 10, 2019 02:23 PM
Rainmaker
2,221,377
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Did not know, thank you for the information.

Jul 10, 2019 02:19 PM
Rainmaker
536,943
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I was not aware of this but I truly hope you can help these trusted clients out of their predicament.

Jul 10, 2019 08:37 AM
Rainmaker
1,551,177
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Never heard of them.

Jul 09, 2019 06:16 PM
Rainmaker
469,510
Dan & Laurie Pittsenbarger Team
Keller Williams Western Realty - Bellingham, WA
Lakeside & Coastal Single Family Homes

Sounds like anyone having something going there will be fine - based on what I've been able to find out. And I will find out for sure as I do know a local mortgage company that is backed by Stearns and they are doing loans for agents and clients out of our office.

Jul 11, 2019 07:05 AM
Rainmaker
716,529
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Interesting. There is one branch near my office. I had a friend working there as a senior exec, and she was desperately seeking employment elsewhere a little while ago, and she did. I guess the writing was on the wall.

Jul 10, 2019 06:45 AM
Rainmaker
1,241,379
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

The local manager announced she will start a brokerage not long ago. Their rates were not that attractive.

Jul 10, 2019 07:43 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Never heard of them.

Jul 10, 2019 07:05 AM
Rainmaker
1,727,556
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Troubling news to hear of any lender hitting the skids

Jul 10, 2019 06:38 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I've closed many deals with Blackrock as the buyer.

Be aware, mortgage interest rates have no relationship to the FED Rate that effects the cost of financial institutions swapping dollars.

Hmmm, what does Blackrock want Sterns to be in the future? There  is LOTS of money in payday loans. 

Jul 10, 2019 05:55 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I never used them, I wonder how bad things had to be there to close in such a great market?

Jul 10, 2019 05:47 AM
Rainmaker
5,583,328
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

good head's up AND solution to a potential problem.... 

Jul 10, 2019 04:58 AM
Rainmaker
5,232,584
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Had not heard. Thanks for the heads-up!

Jul 10, 2019 04:43 AM
Rainmaker
5,109,379
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't think I've ever come across Stearns Lending in 25+ years... given the situation, I would say that's a good thing. Interest rates going up? In what universe? 

Jul 10, 2019 04:26 AM
Rainmaker
5,875,731
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks for the heads up, but they must not lend here in Denver, never heard of them.

Jul 30, 2019 09:23 AM
Rainmaker
4,953,992
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Interests rates are down.

Jul 12, 2019 12:02 PM