Two mortgage companies have gone out of business amid a industry slowdown, according to MortgageDaily.com, a dominant online news source for the mortgage industry.
The parent of Capital Alliance Funding Corp. announced Friday that the nonprime wholesale lender would close its doors and sell off or transfer all mortgages in its inventory. The move was approved unanimously by the San Francisco-based company’s board of directors.
QuoteMeARate.com Inc., a 300-branch operation, abruptly stopped doing business over a week ago, two of the company’s managers told MortgageDaily.com. An e-mail sent to employees “just said you guys were done,” one of the managers said in an interview.
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