SBMC Stops Funding

SBMC Mortgage, a privately held nondepository based in Van Nuys, Calif., stopped funding residential loans on Friday, citing "market forces."Company president Lance Tendler posted a letter on the company's website, informing customers that it is closing offices in Bothell, Wash., and four cities in California: Fresno, Tustin, Van Nuys, and San Diego. "Staffing levels will be maintained in the Van Nuys location through approximately February 7, 2008 to facilitate the winding down of the operation," Mr. Tendler wrote. He called it a "painful decision" to halt originations. "For more than 15 years SBMC Mortgage was a sustainable community that reflected the positive values of integrity, hard work, honesty, respect and friendship," he said. "Unfortunately, the market forces are no longer in alignment to allow us to continue." SBMC was ranked #93 among mortgage originators by the Mortgage Industry Directory.