WarehouseOne of Trenton, N.J., which has been in business since 1998, is demanding that a troubled lender with a similar-sounding name stop using that name.
"We have contacted counsel regarding eWarehouseOne and the use of a name so very close to ours to request they cease and desist using the name," said WarehouseOne president Gary Hoyer.
"Moreover, we have asked that they cease and desist from telling prospective employees and clients that they have been in the market since 1998 (when our WarehouseOne was formed), have operations in New Jersey (where we are located) and otherwise attempt to trade off of our good name."
eWarehouseOne, the subject of several articles published by National Mortgage News this spring, never had established offices and had hired several account executives who worked out of their homes. About four of those AEs were based in Southern California.
As reported by NMN, at least eight mortgage banking firms requested application and/or good-faith account refunds from eWarehouseOne when their lines of credit failed to close. To date, none have been repaid.
Also, several of the company's AEs resigned starting in April.
Tom Reynolds, a senior executive in charge of warehouse lending at eWarehouseOne, did not return a telephone call about the matter. To date, Reynolds has never returned a telephone call or email placed to him by NMN.
"Numerous people have called us to ask what we are doing now in the market, obviously confusing us with this new company," added Hoyer. "We don't know the company or the people and are not involved with what they are doing or attempting to do in the market."