Reverse Mortgage Funding LLC Pauses Originations. It Tells Partners It Won’t Fund Loans That Haven’t Already Closed
Reverse Mortgage Funding LLC (RMF) has halted all of its origination activities Monday.
The New Jersey based lender sent a letter addressed to its partners states that, “all loans that have not closed will no longer be processed.”
An RMF spokesperson said that its affiliates made the difficult decision to pause mortgage origination activities.
The statement added that RMF has been working diligently with its constituents to support its business. In addition, the company said that it is doing everything possible to weather these challenging market conditions.
The company did not address rumors that it had lost its warehouse funding lines. It also declined to answer questions about the impact of the origination pause. This includes how it might affect its employees and the volume of originated loans in its pipeline.
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