FlexPoint Shutting Wholesale Division

FlexPoint Funding, a hard-money lender based in Irvine, Calif., has shut its wholesale division, industry sources have told MortgageWire.At deadline time, the company and its officials, including senior executive Dan Rawitch, could not be reached for comment. Executives familiar with the firm said FlexPoint also had a retail presence, but little is known about its production make-up. Mr. Rawitch, a former executive at the GE-owned WMC Mortgage, Burbank, Calif., joined FlexPoint earlier this year, one source said. At its peak, FlexPoint was funding between $600 million and $700 million a year.