Late today All Reverse Transactions (ART) which is a division of Lenders First Choice announced that its parent company Mercury Companies is closing their office. According to the San Francisco Business Times, the decision follows a move by Mercury’s lenders to pull their line of credit after they failed to meet loan requirements. ART wasn’t the only title company affected, all of Mercury’s nationwide locations outside its home base of Colorado were closed as well.
A message from executives with ART said that they are quickly working to find a solution and they will be issuing a formal statement tomorrow morning to business partners outlining their contingency plans for all title orders. If you have any questions contact your ART account manager.
Late last night I was told that ART management is already in talks with joining with another title company and are doing their best to make sure everyone’s files close as smooth as possible. I’ll keep you posted.