Mortgage Lenders Network USA, Inc. Remains a Strong Retail Originator and Mortgage Servicer

    MIDDLETOWN, Conn., Jan. 2 /PRNewswire/ -- Mortgage Lenders Network USA,
 Inc. (MLN) today announced that it continues to operate its highly rated
 servicing platform and retail franchise and will temporarily discontinue
 its wholesale operations.
     While MLN's servicing platform remains strong, the economics of the
 wholesale mortgage market have deteriorated dramatically over the past two
 months industry wide, company officials said.
     "Until we see credit quality and margins return to acceptable levels we
 have determined that MLN needs to pause from wholesale broker
 originations," said MLN President and Chief Executive Officer Mitchell
 Heffernan.
     MLN is the third largest non-prime, sub-servicer in the country with a
 current servicing portfolio of $17.8 billion and the company is currently
 involved in strategic negotiations with several Wall Street firms relative
 to MLN's wholesale origination platform.
     MEDIA CONTACT:
     James Pedrick
     866-719-4600
 
 

SOURCE Mortgage Lenders Network USA, Inc.