Mandalay Mortgage, Woodland Hills, Calif., a top-30-ranked subprime wholesale originator, is closing its doors at the end of the month and will stop funding loans, sources familiar with the situation have told MortgageWire.At deadline time, company officials had not returned telephone calls about the matter. A source close to the situation said the company "will fund out everything" it has "in the system." One executive said Mandalay sent out e-mail messages informing employees about the closing on Wednesday evening. Mandalay is the eighth nonprime lender of note to fail within the past 60 days. (For more details, see the Jan. 29 issue of National Mortgage News.)

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