Every Friday one or several mortgage lenders are shutting down. Today is the turn of EquiBanc Mortgage:
For Immediate Release
Wachovia recently conducted an intensive strategic review of its mortgage business which has altered the company’s approach to the origination of non-conforming loans. As a result, Wachovia has elected to close EquiBanc Mortgage – Wachovia’s only business dedicated solely to non-conforming loans.
If you have any questions, please contact your Account Executive.
Now on Fremont:
I just spoke with my Fremont rep and he advised me that as of Tuesday 1/23/2007 they are going to increase rates up to a .250 on most programs. that means there are more changes to come.
Now Funding America:
Due to current market conditions in the mortgage industry, Funding America has decided to discontinue accepting any new business.
And finally Coast Financial Holdings:
Stock in Coast Financial Holdings Inc. plummeted to a new 52-week low Friday after the bank said borrowers of $110 million in mortgage loans may not be able to repay their debt.