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Opteum Financial Services LLC

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Opteum to Exit Conduit and Wholesale Lending; Going Concern? HW+

Apr 20, 2007By

Opteum Inc. (NYSE:OPX) said Friday that its subsidiary, Opteum Financial Services, LLC, an Alt-A mortgage lender, intends to exit both its conduit and wholesale mortgage loan origination businesses. The company said it has ceased accepting new applications in each of the two origination channels, effective immediately — leaving only a retail channel as the company’s active source of new loan fundings. Opteum officials blamed a “deterioration in the secondary market for closed mortgage loans and continuing weakness in consumer demand for mortgage products and services.” Opteum has been the recent focus of strong industry speculation, with HW reporting March 20 that a Friedman, Billings & Ramsey Group, Inc. analyst had questioned the company’s future amid what is now clearly becoming an emerging credit crunch in the Alt-A lending sector.

3d rendering of a row of luxury townhouses along a street

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