Real Estate Finance Entrpreneurs, listen up. I came across a great company that is built upon excellent management and has found shelter during the sub prime fallout.
If you’re a mortgage broker or mortgage banker who has dreamed of running a business, controlling your career or achieving financial freedom, you’re in the right place. 1st Metropolitan Mortgage offers all this and, whereas others in the top mortgage net branch companies treat you like a number, we will always treat you like a partner.
Who is 1st Metropolitan Mortgage?
Traditional mortgage net branching offers mortgage brokers and bankers some entrepreneurial opportunity. But 1st Metropolitan offers you MetroBranching, our own brand of mortgage net branch done the right way. It started with our belief in the power of the entrepreneurial spirit tempered by our understanding of the resources it takes to succeed. So we developed MetroBranching, to strike the delicate balance between solid infrastructure and generous empowerment. We believe that this balance at once supports and liberates each branch to conduct business in the most profitable way. We also believe MetroBranching is the idea behind the extraordinary success of 1st Metropolitan branches and the aggressive growth of the company itself.
- Acquired in 2002 by Empire Equity Group, Inc. The Empire Group of companies has earned the respect of the American financial community for over two decades. Through years of volatile economic fluctuations, Empire has gained in strength and size.
- Financially stable
- Long-established strategic alliances with Top National Lenders
- National brand with a sterling reputation for high standards/professionalism
- Reputation for integrity
Recognized industry leader featured & quoted in National Mortgage News, Origination News, American Banker, The Wall Street Journal, and others.
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Aug. 29 (Bloomberg) — U.S. Senator Charles Schumer called on Countrywide Financial Corp. to waive prepayment penalties, refinance loans and eliminate “above-market fees” to help homeowners struggling to make payments on subprime mortgages.
Countrywide, the biggest U.S. mortgage lender, should stop paying higher commissions to brokers who steer borrowers to high-cost loans that “are designed to fail,” Schumer told reporters in Washington today.
“I am calling on Countrywide, as our nation’s largest lender, to bury its bad business practices and reverse some of the damage it has already inflicted on our housing market,” the New York Democrat said. (more…)
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SAN FRANCISCO — After years of being heralded as the next big thing in banking, reverse mortgages have come into their own, morphing from a mom-and-pop industry to big business in just the last six months.
Genworth Financial Inc. of Richmond, Va., signed a deal in July to acquire the No. 4 player in the reverse-mortgage industry, Liberty Reverse Mortgage Inc. of Rancho Cordova, Calif. A month earlier, Bank of America Corp. acquired the No. 3 player in the field, the reverse-mortgage business of Seattle Mortgage Co.And in May, the embattled Countrywide Financial Corp. of Calabasas, Calif., the nation’s top mortgage originator, entered the market with its first reverse-mortgage product.
The moment is right for big companies to discover reverse mortgages because of the ever-growing population of baby boomer retirees, according to industry executives.
“It’s the right opportunity, right time given our core mission,” said Ron Cordes, chairman of AssetMark Investment Services Inc., a Pleasant Hill, Calif.-based subsidiary of Genworth. “From accumulation to distribution, that’s the big theme at Genworth.”
But some industry observers believe that big banks are motivated by more than (more…)
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The growing demographic category of elderly homeowners has drawn a New Zealand-based reverse mortgage company to Canada to compete with Canadian Home Income Plan, which has a monopoly in the market.
Canadian Home Income Plan is a subsidiary of publicly traded Home Equity Income Trust, which also operates CHIP Mortgage Trust.
Privately held Senior’s Money International operated in Australia, New Zealand, Ireland, Spain, Headquartered in Mississauga, Seniors Money Canada will initially offer its reverse mortgage product in Southwestern Ontario, with lower interest rates than its rival. (more…)
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Homeowners in their golden years will soon have relief from rising expenses, and it’s coming from a familiar source: their homes. Statewide Bancorp is now offering Reverse Mortgage’s with loans up to 6 million dollars. Rancho Cucamonga, CA (PRWEB) August 29, 2007 — Homeowners in their golden years will soon have relief from rising expenses, and it’s coming from a familiar source: their homes.
Statewide Bancorp announced this week it will offer reverse mortgages, which allow homeowners age 62 and up to convert part of their home equity into tax-free income. Payouts can come as a lump sum, a monthly income, a line of credit, or a combination of all three.
“Rising energy costs, rising healthcare costs, and taxes are making it difficult for Seniors to enjoy their golden years,” says Statewide Bancorp’s COO Alex Diaz, Jr. “Reverse mortgages provide a much-needed financial flexibility.”
The homeowner will never have to make a payment as long as they occupy the home, which is why many borrowers are using reverse mortgages, even for purchasing a home. Statewide now offers these mortgages with loans up to 6 million dollars.
The new product can also help eligible homeowners generate cash for home improvements, travel and other out-of-pocket expenses. (more…)
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Impac Mortgage, The Irvine, Calif.-based real estate investment trust said Wednesday that it does have financing facilities and continues to fund loans that are eligible to be sold to the government-sponsored agencies. The company has also made all margin calls to date.
Impac has also secured “definitive agreements” to begin originating and selling reverse mortgage loans through its wholesale and retail platforms, it said.
Reverse mortgages, typically used by senior citizens in need of money, enables the borrower to convert equity accumulated in their home to income, according to the National Reverse Mortgage Lenders Association.
]]>“Our acquisition of Vertical Lend provides a tremendous opportunity for our company to participate in the growing reverse mortgage market,” said Thomas Korossy, chief executive officer of KBCFP. “Our strength in capital markets should enable Vertical Lend to provide the products and expanded distribution channels needed to broaden their offerings in the U.S.”
“We expect this synergistic relationship to produce a significantly positive change in the type of reverse mortgages that are being written today,” said David Peskin, chief executive officer of Vertical Lend. “KBCFP has the products and the financial strength, and we are a leader in marketing and distribution.”
Financial details of the transaction have not been announced. The deal is expected to close at the end of the month, subject to certain conditions, including final regulatory approvals.
About Vertical Lend
Vertical Lend (VL) is one of the premier reverse mortgage services companies in the United States, offering originators complete lead-to-closed services through comprehensive marketing, lending, education and technology solutions. VL is dedicated to building the reverse mortgage industry by fostering strong partnerships with originators and by providing outstanding consumer education. Through VL’s national consumer education campaign, Senior Lending Network, VL educates millions of Americans about the important benefits of reverse mortgages and then refers interested consumers to qualified and experienced originators, who have access to VL’s wholesale reverse mortgage products, technology and education services. For more information, call 1-800-562-6755 or visit the company’s website at www.verticallend.com.
About KBC Financial Products
With offices in New York, London, Tokyo and Hong Kong, KBCFP is a wholly-owned subsidiary of KBC Bank NV. KBCFP’s product range includes equities, convertible and high yield bonds, equity derivatives, fund derivatives and structured credit products. KBC Bank NV is a wholly-owned subsidiary of KBC Group NV, a large multi-national banking and insurance group listed on Euronext Brussels. KBC Group NV, a multi-channel banking, insurance and asset management group, is one of the leading financial institutions in Europe, focusing on Belgium and Central Europe, and catering to retail and private banking customers. For more information, visit the KBC Financial Products website at www.kbcfp.com.
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