Another subprime wholesaler is calling it quits -- leaving employees in seven states without a job.
Acoustic Home Loans LLC is no longer in business, according to a statement on its Web site.
"Acoustic will not accept new loan submissions after 4/13/2006," the statement said. "However, we will continue to process loans that are in approved status or better until 4/30/2006."
The nonprime wholesaler says it went from a startup in 2002 to the "27th largest nonprime wholesale originator in the nation."
Interest rates on 2/28 hybrid first mortgages ranged from 6.19% to 11.99%, while second mortgages were priced as high as 12.75%, according to a copy of the company's pricing matrix. Stated income, 100% loan-to-value and FICO scores down to 500 were among the programs offered.
Reportedly founded by Frank Curry and Rich Ladd, Orange, Calif.-based Acoustic says it is licensed to operate in all but five states and also has employees in Arizona, Colorado, Florida, Georgia, Illinois and Nevada.
"Applications received after 4/13/2006 and loans that are not in approved status or better will be returned to the broker," the Web site said.
A company spokesman was not immediately available for a comment.
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