ComUnity Lending 'Moving to Sidelines'

ComUnity Lending Inc., Morgan Hill, Calif., has announced a decision "to mitigate the risk of the market by reducing our volume and moving to the sidelines while we wait for sanity to return to the market."The company said it is planning "a short period of rest and restructuring, after which we will re-enter the business aggressively." ComUnity Lending said it will retain two production offices in California and core staff at its central support office in Morgan Hill. The company has moved all loans to the two California offices and will lock only through those offices. It hopes to close the loans now in its system that meet existing guidelines, ComUnity Lending said. "We will continue to accept new loans and locks through our two production units in California," the company said. "We will be working to close all loans from our other locations by Sept. 14."