NovaStar Suspends Wholesale Ops

Published August 06, 2007, 2:00 p.m. EDT

1 Min Read

NovaStar Mortgage, a top-15-ranked subprime lender, sent a notice to its brokers Aug. 3 telling them that it will suspend wholesale production until Aug. 7, industry sources have told MortgageWire.A copy of the e-mail message was sent to MW but could not be confirmed. NovaStar's spokesman could not be reached for comment by deadline time. Based in Kansas City, Mo., NovaStar is the nation's 14th-largest subprime lender, according to the Quarterly Data Report. The e-mail message says that come Aug. 7, the suspension will be "reevaluated."

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