|
|
Article: Macquarie Stops Taking Apps as Cost of Funding Skyrockets.
- Article from:
- National Mortgage News
- Article date:
- March 17, 2008
- Author:
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
JACKSONVILLE, FL -- Macquarie Mortgages USA here is no longer accepting applications for new loan originations. However, a spokesman from the New York office of the Australian-based parent company, The Macquarie Group, added "it is business as usual for our existing customers."
It will be honoring existing loan approvals, which were given before the decision to stop originating loans was made, the spokesman added.
The company, he explained, made the decision because of the significant increase in the cost of funding its production. Macquarie relied on capital markets funding, and the spokesman said the company believes it has made a "prudent ...