MLSG - Wholesale Subprime, Alt-A
2007-08-08
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MLSG (www.mlsg.com), a privately held lender based out of Reno, Nevada, has ceased funding after being in business since 1990. The following email was sent out to give notice of the closure:
MLSG has halted it's lending operations due to the current market instabilities, and reduced outlets for it's mortgage products.
No loan applications are being accepted at this time.
If you have a loan in process that's reached it's Escrow/Funding stage, please contact us regarding that transaction. Any other files in process should now be redirected to the lender of your choice.
We've appreciated the opportunity to serve you since 1990, and regret conditions have forced us to this decision.
Estimates put MLSG's monthly loan volume at approximately $100 million per month at peak. Allegedly, this volume had fallen to only about $20 million per month by the end of 2006.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.