SouthStar Funding ceases operations
To say this comes as a surprise, would be ignoring recent events in the industry as a whole. SouthStar Funding announced today that it has cease mortgage lending operations.
The note posted on the company website reads:
SouthStar Funding, LLC sincerely regrets that it was necessary to cease its mortgage lending operations. The recent unprecedented downturn and policy changes in the mortgage industry necessitated this action. SouthStar appreciates its employees’ and customers’ loyalty to the company throughout the years.
An email was sent out to brokers earlier this morning on this telling them no more loans were authorized to close, and that all funds were to be returned immediately.
SouthStar had some great people working for it, and I wish them luck.
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