Industry News

Mortgage Lenders Network USA stops funding loans

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Mortgage Lenders Network USA Inc. -- which employs 1,800 people nationwide originating and servicing Alt-A and nonconforming mortgage loans -- says it has stopped funding loans and accepting applications for new loans. The Associated Press reports that telephone recordings at several MLN wholesale lending offices also say the lender is "exploring strategic alternatives" for its wholesale business lines. AP and Inman News were unable to reach company officials for further comment. In a Dec. 8 statement, MLN President and Chief Executive Officer Mitch Heffernan sought to dispel rumors that the company was facing financial difficulties. "MLN continues to operate its national lending business, actively accepting loan submissions and funding and servicing loan production," Heffernan said, adding that the lender was continuing with plans to open a new corporate headquarters in Wallingford, Conn. MLN broke ground on the new 305,000-square-foot national headquarters in May, in a ceremon...