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Abode Mortgage Is Finished

Abode-Mortgage The deal Abode announced Friday is not going to close, so the company is shuttering its mortgage business.

The company issued this press release at 10:24 ET:

Abode Mortgage Holdings Corp. Announces the Closure of the Company's Mortgage Origination Business

Abode said:

“…The interim funding and mortgage loan purchase arrangements referred to in the release have terminated. Without an established funding and whole loan purchase arrangement, AMC cannot properly carry on its business and the Directors of the Company have decided to cease operations.”

CEO, Mike Linehan, added:

“Management and the staff of AMC are devastated by the decision to cease operations. However, without a committed mortgage funding and whole loan sale partner, the business of AMC is not viable. We wish to thank our loyal industry partners and deeply regret our inability to carry on in business.”

There is no word yet on whether Abode will honour current approvals in its pipeline. The fact they left that point out of the press release leads us to believe they might not, or are still negotiating with their funding sources on this matter.

Headquartered in Vancouver, Abode Mortgage Corporation was less than three years old.  It started lending in February 2007.