Nevada Lender Shuts Wholesale Unit

Silver State Mortgage, Henderson, Nev., late Wednesday closed its wholesale division, which funded $1.1 billion loans in the fourth quarter, a 52% increase from the volume in the same quarter last year.The wholesale unit is based in California, a state whose mortgage community has been hammered by the current meltdown in the subprime market. As of MortgageWire's deadline, the company had not returned telephone calls about the matter. Silver State is a nondepository that funded home loans in several states, including the once red-hot Nevada real estate market. According to the Quarterly Data Report, it ranked 36th among wholesalers in the third quarter. It also operates a retail division whose fate is unknown at this time. The company can be found online at http://www.homeloanslasvegas.com.