Mortgage Lenders Network USA, Inc. Remains a Strong Retail Originator and Mortgage Servicer

MIDDLETOWN, Conn., Jan. 2 /PRNewswire/ -- Mortgage Lenders Network USA, Inc. (MLN) today 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.

MLN is the third largest non-prime, sub-servicer in the country with a current servicing portfolio of $17.8 billion and the company is currently involved in strategic negotiations with several Wall Street firms relative to MLN's wholesale origination platform.

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