Bankruptcy

Another Subprime Mortgage Lender Exits 

Housing Wire has learned that Funding America, a Houston, Tex.-based subprime wholesaler, has shut down. A notice posted on the company’s website Thursday said the company is discontinuing operations due to current market conditions. The company was led by former Aegis Mortgage president Neil Notkin, who founded the company along with business partner Mallory Hill and began funding loans in 2005. Funding America had a close partnership with Ocwen Financial Corporation, who provided due diligence and loan processing services for the operation.