National Mortgage News reports:
FlexPoint Funding, a hard-money lender based in Irvine, Calif., has shut its wholesale division, industry sources have told MortgageWire. At deadline time, the company and its officials, including senior executive Dan Rawitch, could not be reached for comment. Executives familiar with the firm said FlexPoint also had a retail presence, but little is known about its production make-up. Mr. Rawitch, a former executive at the GE-owned WMC Mortgage, Burbank, Calif., joined FlexPoint earlier this year, one source said. At its peak, FlexPoint was funding between $600 million and $700 million a year.
I also know first-hand of one other lender — not in hard money — that has had its warehouse lines pulled in the past week (and it’s not on the well-known Implode-o-Meter). I will not disclose that company’s identity here, but I will say that it appears as if Wall Street is pulling back on much more than just subprime credit right now.