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Lender Abandons Recovery Plan

Millennium Funding notifies customers of closure

April 30, 2007

By MortgageDaily.com staff

Following an attempt to downsize its operation, a Washington-based subprime mortgage banker is calling it quits.

Millennium Funding Group has notified its customers it will stop residential originations, according to a copy of an e-mail message forwarded to MortgageDaily.com.

"Due to the current market conditions in our industry, Millennium Funding Group has elected to discontinue origination of residential mortgage loans," the message read.

Just last month, an executive for the Vancouver, Wash.-based company told MortgageDaily.com it laid off 40 percent of its staff. Those layoffs encompassed sales, operations and administrative employees.

The latest action will leave about 114 employees without a job.

About 60 percent of the company's 2006 business reportedly consisted of subprime loans.

"With subprime falling out, we had to make adjustments," the executive said at the time. "We're kind of realigning our business as more of an Alt-A lender."

Millennium represented the majority of mortgage banking operations at Ace Mortgage Funding -- which acquired Millennium last November, he said

But the realignment apparently failed.

"Effective immediately , we will no longer accept new mortgage loan applications, or issue approvals on new loans," the e-mail message read. "However, in order to accommodate our borrowers, and our mortgage broker partners, we will continue to fund loans on which we have sent closing documents out through May 11, 2007."

"We regret having to take this action and are hopeful we can continue doing business with you in the near future," the notice concluded.


Lender Lays Off, Boosts Alt-A Focus
Market changes that were sudden, dramatic and unforeseeable have forced a primarily subprime lender in Washington to lay off 40 percent of its staff.

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