Nevada Lender Shuts Wholesale Unit

February 15, 2007, 3:00 p.m. EST 1 Min Read

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.

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

Politics and policy

How the Trump administration has neutralized the CFPB

Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.

By Kate Berry

3h ago
Monetary policy

More rate cuts eyed as Fed zeroes in on soft labor market

Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.

By Maria Volkova

11h ago
Politics and policy

Housing organizations call for condo loan flexibility

The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.

By Colin McNamara

September 17
Bank stocks

Bank stocks rise on Fed's first rate cut of 2025

The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.

By Allissa Kline

September 17
Mortgage rates

Fed cuts but only some mortgage rates are moving lower

Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.

By Bonnie Sinnock

September 17
Industry News

Rithm purchasing commercial REIT Paramount Group for $1.6B

The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.

By Brad Finkelstein

September 17