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

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.

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.

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

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

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.

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

Can you do Florida too?

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

Thanks for your offer.

Caroline,

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

Never used them.

I wonder what the real reason is.

Way to go dynamo....

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.  

Did not know, thank you for the information.

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

Never heard of them.

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.

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.

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

Never heard of them.

Troubling news to hear of any lender hitting the skids

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. 

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

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

Had not heard. Thanks for the heads-up!

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? 

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

Interests rates are down.