Mortgage Lenders Network USA is facing rampant speculation this weekend about its future, with numerous unconfirmed sources telling Housing Wire that the company has stopped funding residential loans as of December 29, 2006. While unconfirmed, the company allegedly notified brokers late Friday of its decision to stop funding new loans, citing a lack of warehouse credit, and also allegedly said it will be focusing on servicing its existing portfolio. Speculation regarding the fate of MLN has been gaining steam for the past two months, with MLN CEO Mitch Hefferman going so far as to issue a press release on Dec. 8th stating that “MLN continues to operate its national lending business.” The company is one of the nation’s largest originators and servicers of residential mortgage loans, with 1,800 employees nationwide.
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Purchase mortgage rates beginning to stabilize in the low 5% range HW+
Purchase mortgage rates declined this week on the news that inflation appears to have peaked. They fell to 5.13% this week, down nine basis points.