AmeriFirst Financial Inc., a mortgage origination company, filed for bankruptcy just two months after restarting its forward mortgage origination business. The company had entered and exited receivership on two separate occasions in recent years, leading to speculation that it may have lacked the financial resources necessary to compete with larger competitors in the mortgage origination industry.
The company had been in receivership since January 2018, when the Colorado Mortgage Company Division moved to place it in receivership over allegations of dishonesty and money laundering involving some of its mortgage loan activities. The receiver authorized AmeriFirst to resume its forward mortgage origination business in April 2021, after a division of the state court determined that the company was solvent. However, after operating for only two months, the company filed for bankruptcy protection in June 2021.
Key Points:
– AmeriFirst Financial Inc. is a mortgage origination company
– The company was placed in receivership in January 2018
– Receivership was lifted in April 2021 and the company resumed its forward mortgage origination business
– Only two months later, in June 2021, it filed for bankruptcy
You can read this full article at: https://www.housingwire.com/articles/mortgage-lender-amerifirst-financial-files-for-bankruptcy/(subscription required)
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