MIDDLETOWN, CT - Mortgage Lenders Network USA, Inc. (MLN)  announced that it continues to operate its highly rated servicing platform and retail franchise and will temporarily discontinue its wholesale operations.

While MLN's servicing platform remains strong, the economics of the wholesale mortgage market have deteriorated dramatically over the past two months industry wide, company officials said.

"Until we see credit quality and margins return to acceptable levels we have determined that MLN needs to pause from wholesale broker originations," said MLN President and Chief Executive Officer Mitchell Heffernan.

Related Articles :

• Ownit Mortgage Solutions Closes Its Doors
  Ownit Mortgage Solutions appears to be the latest victim of the decline in mortgage origination volume. A recorded message at several branch offiices now states; "Effective December 5th Ownit closed its doors and we are no longer able to fund or process your loans, we appologize for any inconvenience." It has been reported that Ownit funded loans for nearly 12,000 brokers.
  
• Origination Volume To Fall Nearly 20% by 2008
  The Mortgage Bankers Association recently released their mortgage finance forecast for December. Total origination volume for 2006 is expected to be just shy of $2.5 trillion, which is about half a trillion dollars lower than the 2006 volume. According to the MBA estimates volume will continue to plummet through 2008 even though rates are predicted to remain fairly stable...
  
• Lehman to Fund Mortgage Lenders Network Loans
  After Mortgage Lenders Network USA, Inc. stunned brokers with a surprise announcement that they were no longer accepting loans, it appears Lehman Brothers Holding Inc. has stepped in to help brokers close loans already submitted to the troubled lender.