Nonprime Wholesaler Goes Belly Up

Acoustic Home Loans, a nonprime wholesale lender based in Orange, Calif., has gone out of business.Acoustic, founded in 2002, said in a statement posted on its website that it was "no longer in business" as of April 14, but would "continue to process loans that are in approved status or better" until April 30. "Applications received after 4/13/2006 and loans that are not in approved status or better will be returned to the broker," Acoustic said. The company's website says Acoustic was the 27th-largest nonprime wholesale originator in the nation. A company spokesman could not be reached for further comment. Acoustic can be found on the Web at http://www.acoustichomeloans.com.