This is a letter that the employees of WJB allegedly got today on Sunday, March 13, 2016. WJ Bradley is allegedly closed for good. Rumors have been circulating for months regarding the struggles of this company.
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W.J. Bradley Mortgage Capital LLC and certain affiliated companies (collectively, the "Company") have made a strategic decision to wind-down their businesses. The Company will cease operations and stop funding new loans starting March 13, 2016.
The Company is in the process of reaching out to its customers, vendors, employees and other key stakeholders to help them understand what this means to them and the proposed next steps.
Concurrently to this message, the Company is issuing directives to its employees, reminding them of the Company’s Privacy Policy and of their obligation to preserve and protect customer and Company information.
The Company will immediately begin an orderly wind-down and secure data and collateral to the best of its ability in order to maximize value for its creditors and other stakeholders while minimizing liabilities and future claims.
You should not work or come into the office on Monday, March 14, 2016 or on any other day unless you receive written instructions requesting that you work. Unless otherwise informed, any work time invested on March 14, 2016 or beyond will be unpaid. Wages earned through March 11, 2016, (and commissions earned through March 13, 2016) are being processed for payment. For those employees paid by direct deposit, funds should appear in your account via ACH as early as Tuesday. Employees paid with manual checks should receive those checks by overnight delivery to your home as early as Tuesday.
While the Company is ceasing operations and winding down, it remains subject to the licensing laws of each state in which it operates and to the requirements of the agencies that regulate its business, including the Consumer Financial Protection Bureau. This means that you must continue to comply with your obligations to the Company and its customers in the same manner and to the same extent as if the wind down was not occurring. Your NMLS record will continue to reflect the Company as your employer until changed by you. If our borrowers request that their loan application be transferred another lender, you must obtain the borrower’s prior written authorization to do so.
In an effort to minimize impact to current loan applicants, the attached Transfer Authorization letter can be sent to your customers who wish to request a transfer of their W.J. Bradley Loan Application file to a new lender. The Company must have signed authorization from a borrower prior to transferring data or personal, non-public information. Please inform your customers interested in transferring a loan application to a new lender that a signed copy of the Transfer Authorization letter must be sent to [email protected]. Upon receipt, the customer will receive an approval response from an authorized Company party acknowledging the request for transfer.
Effective immediately, you must get approval from an officer of the Company to spend, purchase, create a new purchase order, enter into a contract, agree to a sub-contract, charge a credit card transaction or commit the company to any liability in any amount from today until further notice. You must also receive approval from an officer to make any commitments from a consumer or receive any deposits from a borrower. This includes both one-time and recurring expenses, as well as travel and entertainment expenses that you would charge in through the expense reporting process. Please note that if you have received prior budget approval for an expense, you must obtain a new approval before you incur the cost.
Should you have questions, please direct them to [email protected]. Expect additional communications within 24 hours.