Advantage has become the latest mortgage firm to close its business following a statement from parent company Morgan Stanley, it has been revealed.
Staff at the firm were only told today that it would be shutting up shop.
In a statement issued yesterday, parent company Morgan Stanley says it will discontinue its UK subsidiary Advantage and that around 1,000 employees in the UK and the US will be affected by a restructure of its residential mortgage business.
Morgan Stanley’s US residential business Anthony Meola says: “Given the continued dislocation in the mortgage markets, we have restructured our residential mortgage business to ensure we are appropriately positioned for the environment going forward.”
An email was sent to brokers today from Advantage which said: “Advantage regrets that due to the continuing uncertainty in the mortgage markets all Advantage mortgage products are withdrawn with immediate effect until further notice.”
It says that there is no longer DIP availability but the key dates for cases to be submitted ready to offer is February 15 and the final date offers will be produced is February 22.
It says that offers will be honoured if completion occurs within the 90 day validity period but Advantage will not in any circumstances extend offers beyond the 90 day period.
Morgan Stanley will continue to service mortgage loans in the US through its
Saxon Mortgage Services, Inc. platform, based in Texas.
The firm will still offer residential mortgages to its retail brokerage clients
through Morgan Stanley Credit Corporation.