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Cypress Mortgage Capital, the Utah-based correspondent lending division of Celebrity Home Loans, has closed after four years in business.
Senior Vice President Jeff Ehrlich announced the closure last week on LinkedIn.
“Starting a new business is never easy,” Ehrlich said in his LinkedIn post. “Starting a new correspondent investor business during COVID, even more difficult and some called us crazy!”
Ehrlich said that he and his executive team left good jobs and worked tirelessly for almost two years, “but in the end it was not meant to be.”
“The knowledge that I gained from this experience is not measurable,” he said, adding that he would give others displaced by the closure “a ringing endorsement” should they need it.
While its website, cypressmortgage.com, is no longer operating, information about the company is still available on The Mortgage Collaborative website. It includes a map showing that the company was licensed and registered in all 50 states. It also states that "We are independently owned and solely focused on correspondent lending, resulting in zero retail and wholesale competition for our clients."
Cypress provided several non-qualified mortgage (Non-QM) products, including bank statement and DSCR (debt-service coverage ratio) loans.
It was unclear how many people were employed by the company.
Celebrity Home Loans CEO David Robnett was not immediately available for comment. Celebrity, based in Illinois, operates in 48 states and has done $21 billion in home loans since 2006, according to its website.