Tighter conditions in the non-conforming mortgage market have proved too much for Sydney mortgage originator Save Finance.  On Tuesday the company went into voluntary administration, appointing Freshwater Management to take charge of its affairs.Brian Dunphy, a partner at Freshwater, confirmed that he had been appointed administrator of Save Finance.Dunphy said a creditors' meeting had been called for next Tuesday.Save Finance was launched by Armond Shoostovian in 1996. It described itself as a mortgage manager but others in the industry described it as a broker.The company specialised in the non-conforming market. Non-conforming lenders confirmed that Save did business with most of the lenders in the sector.A source said Save was an active marketer and had a high profile but was not a big broker.The non-conforming mortgage market has contracted over the past few months as lenders have cut back on maximum LVRs and other lending criteria in an attempt to preserve scarce capital and put together portfolios that will appeal to risk-averse investors.Among the changes, Mobius cut the maximum LVR on clear credit low doc loans from 95 to 90 per cent and the maximum LVR on credit impaired loans from 95 to 85 per cent.Pepper Home Loans discontinued two loan products that were sold to near-prime credits. The company took the decision to move out of a high volume and low margin part of the market.Pepper has taken its maximum LVR down from 90 to 85 per cent.Bluestone chief executive has forecast that his company will experience 30 to 40 per cent lower lending volume in 2008.