Another lender bites the dust

Mortgage and Lending with Saprinc Corp

Just received this from SouthStar Funding

Dear Customer,

SouthStar Funding, LLC has ceased its mortgage lending operations effective immediately and is unable to close or fund any loans. The closing agents have been instructed to cancel any pending closings and are not authrorized to close or fund any loans from this point forward. The closing agents have been further instructed to immediately return any funds which have in their trust accounts to the source of the funds, wheteher SouthStar or one of its warehouse lenders.

We appreciate our relationship with you through the years and regret that this decision was necessary due to unprecedented downturn and policy changes in the mortgage industry.

If you have any questions, please contact the company at 1-800-567-9385.


Kirk Smith

Posted by

Caryll Miller  | Office : (914) 259-8470
Fax:(800) 245-8165 | Cell: (914) 513-9768
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Flemington, NJ

Where there is smoke, there is fire.  This should not surprise anyone, as Southstar had just switched investors, changed loan programs, and "reassured" their clients that they were well funded.

I liked them and thoght they had a good business model.

Apr 02, 2007 03:54 AM #1
Rob Robinson- Lehigh Valley PA
Bertrum Settlements (Title & Abstract) - Allentown, PA

Sad that a Prez of a company would send out an email with a couple typos.

authrorized?  wheteher?

Caryll, thks for the info.

Apr 02, 2007 03:57 AM #2
Jacob Morales - Arizona Mortgage Planner
US Bank - Scottsdale, AZ

I just had a presentation from them on Wednesday about how well they were doing and how they were wanting to really

It's nuts how many people are tanking.

Apr 02, 2007 04:36 AM #3
Eddy Martinez
Nationwide Funding Group - Highland Park, CA

Its the survival of the fittest and smartest. A paper lenders and other lenders who had tougher guidelines are the ones who are currently flourishing during this time :)


Apr 04, 2007 03:38 PM #4
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