OwnIt Mortgage Closes Its Doors

OwnIt Mortgage Solutions, the Agoura Hills, Calif.-based mortgage company run by industry notable Bill Dallas, has shut its doors.According to an e-mail the company sent to its brokers (obtained via a link posted on our Mortgage Grapevine discussion board), the company is ceasing operations. "For the past three years, we have pursued a mission to influence the mortgage industry towards increased affordability options for a changing market of home buyers," the company says. "Change takes time, and we are saddened that the current unfavorable conditions of the mortgage industry did not afford us sufficient time to see our mission through." A message was left on Mr. Dallas' voicemail at OwnIt asking for comment, but the call had not been returned by MortgageWire's deadline. Among the investors in OwnIt is Merrill Lynch, which owned a small piece of the firm. OwnIt can be found online at http://www.ownitmortgage.com.