Inc. announced the first operating results for its wholesale subprime division, VLDC Funding.

During the three weeks beginning June 10, the unit underwrote $7.9 million of first mortgage subprime loans, including credits from Washington State and California, the company said Tuesday.

Carol Pizzo, Virtuallender's president and chief executive officer, said the company plans to bring its first pool of loans to market this month. She said subsequent pools would include retail loans originated through its Web site.

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