Edison, Texas, June 21, 2022 (SEND2PRESS NEWSWIRE) – Mid America Mortgage, Inc. (Central America) today announced that it is offering eNotes capabilities through its Wholesale channel to enable non-delegated correspondents to operate more efficiently and competitively as they build it. Transition from mortgage broker to banker. Through this program, Third Party Promoters (TPOs) can provide digital closing facilities to their clients and enhance relationships with their existing real estate and title partners amidst an otherwise challenging operating environment.
“With rates rising, the time to stay is very consequential as it ultimately eats into profitability. Central America has always sought to operate from a position to provide liquidity and revenue retention options to the industry, and our bulk e. The -Note program is a natural extension of those efforts,” said Mid America owner and CEO Jeff Bode. “With eNotes, our approved non-delegated correspondents can reduce turn times on their warehouse line to 48 hours or less. which ultimately saves them money in the form of lower interest charges and enables them to operate their warehouse lines more often.”
To help non-representative correspondents take advantage of the program, Central America has established partnerships with private investors to provide lines of credit to eligible program participants. Central America’s TPO approval process captures most of the relevant financial statements and insurance performances required for the warehouse approval process, thus physically speeding up warehouse approval times.
Despite the push for “industry-wide” adoption, digital mortgage negotiations have largely ousted TPOs, putting them at a distinct disadvantage. Furthermore, many budding mortgage bankers tend to go down the digital path. have been reluctant, thinking there are insurmountable operational/financial limits,” said Adam Riecke, TPO Lending’s executive director for Central America. “Given our success as a digital-first lender, we wanted to extend this opportunity to the next generation of growing mortgage bankers.”
“Due to the secure nature of eNotes, many mortgage lenders who were previously ineligible for warehouse lines can proceed as mortgage bankers and do so with the full confidence that their operations are as efficient and cost-effective from the start as possible. Yes,” said Rike.
For information about the Mid America e-Note program for non-delegated correspondents, contact Rieke at [email protected] or Soliman Martinez at [email protected]
Central America Mortgage, Inc. about:
Mid America Mortgage, Inc., Edison, Texas, is a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and is also the nation’s leading provider of Section 184 home loans to Native Americans. . In operation since the 1940s, Central America has maintained its entrepreneurial spirit and pioneered the market in innovation, including the adoption of eClosings and e-notes.
Combining this culture of innovation with a risk management mindset enables Central America to deliver innovative products to market that address the challenges faced by both borrowers and third party promoters (TPOs). These innovations include its USDA One-Time Closed Construction Loan, Power Buyer Bridge Loan Program, Proprietary Down Payment Assistance (DPA) Program and Reverse Mortgage Division. Its direct relationships with Fannie Mae, Freddie Mac, Ginny Mae and private investors give Central America direct access to capital markets, thus ensuring maximum liquidity for its product innovations. By servicing its loan programs in-house, Central America provides its wholesale and correspondent partners an added level of certainty about the loan’s marketability and improved borrower service over the life of the loan.
Learn more at https://www.midamericamortgage.com/.
News Source: Central America Mortgages, Inc.
This press release was issued on behalf of News Source (Mid America Mortgage, Inc.), which is solely responsible for its accuracy, by Send2Press® Newswire. The information is believed to be accurate but is not guaranteed. Story ID: 82726 epdf-r8.6
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