Dateline: Thu, 10 Sep 2009
freeNewsArticles Story Summary: “DENVER, Colo. (SEND2PRESS NEWSWIRE) — McMonigle Finance, Inc., the wholesale lending arm of McMonigle Financial Group of Newport Beach, CA, has selected Titan Lenders Corp to provide back office mortgage services for its trust deed lending model. McMonigle Finance invests in first position trust deeds through its MFG Secured Income Fund I, LLC. Traditionally a highly fractionalized and subjective type of business, individual trust deed lending typically attracts a select group of high net worth individuals difficult to ascertain by mortgage brokers.”
A R T I C L E:
Private money lender offering trust deed lending cites “dependable execution, precision automation and reliable guidance” as standards for selecting Top 50 service provider.
DENVER, Colo., Sept. 10 (SEND2PRESS NEWSWIRE) — McMonigle Finance, Inc., the wholesale lending arm of McMonigle Financial Group of Newport Beach, CA, has selected Titan Lenders Corp to provide back office mortgage services for its trust deed lending model.
McMonigle Finance invests in first position trust deeds through its MFG Secured Income Fund I, LLC. Traditionally a highly fractionalized and subjective type of business, individual trust deed lending typically attracts a select group of high net worth individuals difficult to ascertain by mortgage brokers. Focusing solely on trust deed lending, McMonigle Finance reduces subjectivity by adhering to a strict set of common sense underwriting guidelines. McMonigle Finance holds some loans in portfolio and also sells to qualified third party investors.
Titan Lenders Corp is an outsource variable cost alternative for mortgage bankers, community institution lenders, brokers and investors seeking to reduce risk, errors and overhead in their mortgage operations, while remaining responsive to fluctuations in their loan closing pipeline. Titan’s processes are built upon a proven back office service model, extensive industry experience, and customized solutions.
“High yield private money lending, also known as hard money lending, is in high demand today both due to the credit crunch and individual financial predicaments put into motion by an ailing economy,” said Jeff Arnold, COO of McMonigle Finance. “McMonigle Finance serves borrowers with significant equity stakes who require immediate liquidity via a loan process employing consistent, quality-based underwriting standards. We selected Titan Lenders Corp as our back office operation because of its expertise and reputation for dependable execution, precision automation, and reliable guidance on the more arcane aspects of our transactions.”
“I’ve worked with Titan Lenders Corp from day one,” Arnold added. “When I joined McMonigle Finance, I saw immediately that its vision for trust deed lending, and its plans to create a fund for private equity residential lending, would require a high performance back office operation. By outsourcing the back office, we’ve been able to move quickly to take advantage of opportunities to serve a distinct borrower group and create solid investments.”
“Highly specialized lenders like McMonigle Finance are a sweet spot for Titan Lenders Corp,” said Mary Kladde, Titan Lenders Corp president. “Our Cerberyx platform is flexible and able to adapt to any back office requirement, our workflow is disciplined and our staff has comprehensive expertise in every conceivable aspect of executing residential lending.”
Titan Lenders Corp intelligent processes are driven by its proprietary technology, Cerberyx, co-developed with eSys Technologies, Rochester, NY. Cerberyx is the evolution of a software technology application developed to replace manual processes required to manage lenders’ participation in closing and post-closing functions. As a business solution, the software was developed in the practical laboratory of a closing and post-closing division servicing multiple lenders, investors, and lending business channels. It addresses the needs of all users in the transaction – accountability, visibility, efficiency and ease of use – ultimately focused on loan salability.
About Titan Lenders Corp
Titan Lenders Corp is one of a specialized few providers of mortgage back office fulfillment services, a not-well-understood facet of mortgage lending that includes closing, funding, and post closing services. Community banks, credit unions, mortgage bankers and brokers use outsource providers strategically to minimize compliance risks in a time-sensitive error-averse environment. Fluctuations in mortgage lending volume also lead some lenders outsource their entire back office operation and secure predictable “per transaction” pricing rather than maintaining an inflexible static in house staff.
Contact Mary Kladde at mary.kladde@titanlenderscorp.com.
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• Story Title: McMonigle Finance Outsources Back Office Operation with Titan Lenders Corp
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