Orlando

CPM, Ivanhoe Saga Shows Depth of Current Industry Problems 

Problems at Folsom, Calif.- based Central Pacific Mortgage have led to the abrupt shutdown of the mortgage lender amid a growing maelstrom of employee criticism and media confusion over the company’s partial sale to TMSF Holdings, Inc., as originally reported by Housing Wire on February 14. TMSF is best-known for its “The Mortgage Store” retail lending chain. The TMSF purchase involved only the wholesale operations at Central Pacific, say sources close to the transaction, which included six wholesale branch offices with total staff of about 80 operations and sales personnel. The company’s remaining operations, including its Ivanhoe Mortgage division, which employed nearly 260 nationwide, were not part of the purchase transaction. CPM had acquired Orlando-based Ivanhoe, primarily a retail originator, in March 2006; the division produced more than $2 billion in mortgage volume annually, according to company records.