Mortgage wholesaler First Street Financial, Irvine, Calif., a top-40-ranked subprime lender, has closed its doors and transferred all its servicing to a third-party company believed to be Option One Mortgage.In the fourth quarter, First Street originated $173 million in loans, ranking 35th nationwide among all subprime lenders, according to figures compiled by the Quarterly Data Report. Its chief executive officer was Dan Perl, an industry veteran who helped pioneer the NINA (no-income, no-asset verification) loan at Life Bank. Mr. Perl confirmed First Street's closing to MortgageWire.
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