Maverick Residential Mortgage Co

[Jerry Peck]

Does anyone know the status of Maverick Residential Mortgage?

I operate a branch office in Michigan and cannot even get them to answer the phone......

[KDR]

Jerry,
There was not good news about that company here in our local news. This was in our local papers in DFW. Hope things work out for ya.

Mortgage Company Announces It Can't Pay Employees

PLANO 01.15.08 (CBS 11 News) ― A fast growing North Texas company with hundreds of employees in 36 states couldn't pay its employees Tuesday.

Now it has launched an internal investigation.

The company is Maverick Residential Mortgage.

Maverick CEO Bob Johnson acknowledged the company couldn't meet its payroll because of major cash flow problems. He said they discovered the cash crunch last week.

"We had no clue it was coming," said employee Greg Baker. He said he's beginning to wonder how he'll put food on the table for his wife and three young sons.

Tuesday, he and 650 other employees at the Plano-based company didn't get paid.

"Everyone was stunned. There were tears. There was shock," he said.

Reports indicated the company is missing nearly $4 million. "We're investigating that right now," said Johnson. "We have had many different people in here from our CPAs to auditors to help us understand where we are currently. We're not sure."

He said he told employees he doesn't know when they'll get paid.

"We're definitely trying everything we can to be able to handle that and that's part of where we are right now -- is getting our arms around how much cash we do have available for those individuals," said Johnson.

"I have a wife, three kids, a mortgage payment and a car payment that I'm two months behind on," Baker said.

The CEO said the company has not called law enforcement, and will try to make sure customers aren't affected.

[ANNOYMOUS]

THEY HAVE MERGED WITH ANOTHER COMPANY

[KDR]

Get your facts straight Annoymous. Thats not true at all .. yet.

North Texas Mortgage Company Under Investigation

PLANO (CBS 11 News) ― CBS 11 News has learned that both local and federal investigators are looking into a North Texas mortgage banking firm that suddenly closed its doors.

Employees with Maverick Residential Mortgage were shocked to discover that the firm collapsed, as it was considered one of the fastest growing companies in Collin County and Dallas County. However, the Plano headquarters is now a ghost town.

With millions of dollars reportedly missing, and after failing to pay its employees on Jan. 15, the mortgage banking company has shut its doors without much explanation.

This closure has left people like Craig Dickerson counting their losses. He was the owner of two Maverick Residential Mortgage branches in Louisiana and Arkansas. He came to Dallas to salvage his business, but said that he could lose money because some mortgages have been left unfunded. "If I lost everything," he said, "it would be somewhere like, half a million dollars. That's a lot of hurt people."

Dickerson also said that employees at his branch and other branches were paid from money that they gave to Maverick.

Michelle South was a branch owner in Iowa. "We have lost over $70,000 of revenue that was placed with Maverick and was supposed to be placed in a trust account for all Maverick branch managers. And we have no word on whether we'll get paid out on that," she said.

In a letter to employees dated Jan. 25, company CEO Bob Johnson said that the payroll could not be funded because Maverick Residential Mortgage has "experienced unforseen business circumstances" and that their "employment is terminated effective Jan. 16."

Now, the company's CEO has asked federal and local law enforcement to investigate. Johnson said that the issue will not be resolved quickly, but he is committed to clearing Maverick Residential Mortgage's name.

[Dustin]

Who have the merged with?

[CeCe]

Any current information on the closing??

[mcbaker]

CeCe wrote:

Any current information on the closing??

where has branch manager Craig Dickerson gone..if hes soo good, id like to offer him a job with my company

[bklender]

Its been over 2 months now,,,since Maverick closed its doors, after taking a huge loss of 14 million dollars....Does anyone have any information about the investigation? Has it been resolved yet,,,someone please comment

[bklender]

ANNOYMOUS wrote:

THEY HAVE MERGED WITH ANOTHER COMPANY

who did Maverick mortgage merge with

[Ridiculous assumption]

they didnt merge with anyone.
they are in bk
sounds like the principles might be in some hot water

[cali]

Welcome to the mortgage meltdown! Bet they didn't pay their appraisers either. They are one of millions across the US who have swindled homeowners because of their greed. They move on and work under different names ususally.

[Gary]

I saw the CEO Bob Johnsons resume when i googled his name. He forgot to mention how many home owners on the promise of money after 3 years.

[I was swindaled]

I have pressure on me to give back my property, however I justtt found out all of this. I want my closing money back. What do I do, they never gave the money to the sellers and dat was in 2007.

[Remedy]

I was swindaled wrote:

I have pressure on me to give back my property, however I justtt found out all of this. I want my closing money back. What do I do, they never gave the money to the sellers and dat was in 2007.

You weren't swindled out of anything....and the owners of Maverick Residential Mortgage, nor any other employee of the company, gives money to a seller. IF you actually bought a property, then the funds given to the seller were from YOU. YOU were the one who took out a loan.