Rumors Prompt MLN Statement

The subject of rumors concerning early payment defaults, Mortgage Lenders Network, Middletown, Conn., issued a statement Dec. 8 saying it is "actively" accepting submissions and funding loans.The company, a top-20-ranked subprime lender, would not elaborate. Industry officials familiar with the nondepository mortgage banker said rumors have been circulating since late last week that MLN may be having trouble with early payment defaults, and that one top official may have been let go. Founded almost 10 years ago, MLN employs 1,800 nationwide. The company is building a new headquarters in Wallingford, Conn. MLN can be found online at http://www.mlnapproves.com.