Effective March 14th, Master Financial will cease its wholesale loan origination operation including accepting new applications for mortgage loans and funding loans in its pipeline.
The preceding is, of course, markedly different from what the company used to trumpet on its front page:
Master Financial makes the loan-qualifying process fast and easy.
Mind you, as Mortgage Bankers Association chair John Robbins pointed out in another story yesterday, there is no doubt consumer groups are hyping the potential foreclosure numbers through the roof (so to speak). There is an important story here, and I hope someone picks it up sooner rather than later.
Finally, for those of you keeping track of such things, here are the fourth-quarter market leaders in sub-prime origination.