Rams chief executive Greg Kolivos acknowledged yesterday that Rams Home Loans Group, listed on the Australian Securities Exchange only two months ago, was basically a business in run-off.Under the terms of the deal proposed by Westpac, which has received the support of the Rams board, Rams will retain its loan book but it will be bound by a no-compete clause that will keep it out of the mortgage market.Kolivos said the loan book was worth $14.5 billion. In its prospectus Rams forecast that it would earn $115 million of gross margin from its loan book and $21 million from new loans in the 2007/08 financial year.Kolivos could not confirm or update those figures yesterday. He said the group's funding position was still too uncertain to provide any precise guidance. Part of the deal involves Westpac agreeing to provide up to $500 million of warehouse finance to fund loans settled after November 15 until the transaction is settled.Westpac has also agreed to act as the cornerstone investor in a refinancing of Rams' $6 billion of commercial paper. Westpac will contribute up to $1.5 billion, on the proviso that other lenders join a larger syndication.But if Rams is not able to put a syndicate together Westpac will contribute nothing. Rams franchisees have been given certainty but investors in Rams Home Loans Group don't yet know their fate.