The specialist lender, owned by collapsed US bank Bear Stearns, has notified brokers it will withdraw its entire range at 5pm tomorrow.
Chief executive officer Ginny Darrow says: “Market conditions have continued to deteriorate and with no signs of recovery in the securitisation and whole loan trading markets, which underpin our strategy, Rooftop’s origination business has become unsustainable. We are clearly disappointed and saddened to be taking this step and I would personally like to thank all of our partners for their support and friendship. We will ensure that the affected employees are treated fairly and looked after.”
Rooftop has informed brokers of how to treat pipeline business, with a view to close the origination business by the end of July.
The Mortgage Practitioner sole practitioner Danny Lovey says: “This is no surprise. It’s just another nail in the coffin.”