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Edeus, going, going..... ?????
UK007BullDog
Posts: 2,607 Forumite
http://www.mortgagesolutions-online.com/public/showPage.html?page=791072
25 Apr 2008
Breaking News
Edeus withdraws from lending and slashes staff
Edeus has confirmed it is to temporarily withdraw from originating new mortgage loans, as well as cutting its workforce by 50%.
The firm is instead to focus on asset quality assessment and special servicing, something it has been trading in for the last two months, until it is commercially attractive to re-enter.
All pipeline cases will be honoured and the exact date for receipt of new applications will be communicated shortly.
Edeus revealed approximately 50 people, concentrated mainly in the sales and marketing departments, will lose their jobs. All those affected have entered a 30 day consultation period. Sources close to the firm said entire marketing team along with all business development managers will be sacrificed. Sue Clark, director of marketing at Edeus, is thought to be amongst the casualties.
Michael Bolton, chief executive of the firm commented: “This is an unprecedented time for our industry and at present it is not commercially viable for edeus to originate new loans. However the growing market for due diligence services and asset quality assessment is an area where Edeus’s award winning technology and people can add considerable value.”
25 Apr 2008
Breaking News
Edeus withdraws from lending and slashes staff
Edeus has confirmed it is to temporarily withdraw from originating new mortgage loans, as well as cutting its workforce by 50%.
The firm is instead to focus on asset quality assessment and special servicing, something it has been trading in for the last two months, until it is commercially attractive to re-enter.
All pipeline cases will be honoured and the exact date for receipt of new applications will be communicated shortly.
Edeus revealed approximately 50 people, concentrated mainly in the sales and marketing departments, will lose their jobs. All those affected have entered a 30 day consultation period. Sources close to the firm said entire marketing team along with all business development managers will be sacrificed. Sue Clark, director of marketing at Edeus, is thought to be amongst the casualties.
Michael Bolton, chief executive of the firm commented: “This is an unprecedented time for our industry and at present it is not commercially viable for edeus to originate new loans. However the growing market for due diligence services and asset quality assessment is an area where Edeus’s award winning technology and people can add considerable value.”
0
Comments
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Gone!
Saw this one coming back when they said they were going to move into servicing.
They were never competitive anyway!0
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