MLN Hopes to Call Back Some Workers

Mortgage Lenders Network USA of Connecticut is working on a plan to re-start its wholesale network and hopes to recall some furloughed workers, according to a company e-mail message obtained by MortgageWire.At deadline time, details about the plan were sketchy, but the e-mail message -- co-authored by company chief executive Mitch Heffernan -- says MLN is working on a "multi-party" arrangement for the nonprime lender "to continue to operate all of its divisions, including wholesale." MW broke the news Jan. 12, before the holiday weekend. A source familiar with the matter said more announcements could come on Wednesday or Thursday. In late December, hurt by loan buybacks and related developments, MLN closed its wholesale unit, which accounted for 90% of its residential fundings. In the third quarter, the privately held nondepository ranked 15th nationwide among all nonprime lenders, according to the Quarterly Data Report. MLN recently finalized a deal to have Lehman Brothers fund a little less than 900 loans that closed but did not fund when it shuttered its wholesale arm in late December. MLN, based in Middletown, Conn., can be found on the Web at http://www.mlnapproves.com.