Business, Free News Articles

Mid America Mortgage to Offer Warehouse Lines of Credit on Seasoned and ‘Scratch and Dent’ Loans

ADDISON, Texas -- Mid America Mortgage, Inc. (Mid America) Owner and Chief Executive Officer Jeff Bode today announced that the firm has expanded its relationship with Spectrum Mortgage Holdings, LLC (Spectrum) to offer warehouse lines of credit in conjunction with its Whole Loan Purchase program. This will provide sellers the flexibility to finance loans being sold to Mid America, including seasoned and "scratch and dent" loans.

"Managing aging loans and capital ratios on traditional warehouse lines of credit can be challenging for even the most experienced mortgage banker," Bode said. "By adding warehouse financing to our established program for whole loans, Mid America is able to help other lenders address these challenges while providing a source of vital liquidity to the industry."

To be eligible, sellers must have a loan commitment with Mid America. Spectrum will finance up to 90 percent of the current unpaid principal balance directly to a warehouse bank or the client upon receipt of the collateral.

"Mid America's program will bring particular value to independent mortgage companies as they will be able to receive cash upfront while loans are undergoing due diligence," said Michael Lima, managing director of trading for Mid America. "Having partnered with Spectrum on eNote financing for our eCorrespondent division, expanding our relationship to include warehouse lines for our Whole Loan Purchase division was the next logical step."

Sellers can a request a bid on a loan or inquire further about warehouse options by contacting Mid America at tradedesk@midamericamortgage.com.

About Mid America Mortgage, Inc.

Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service mortgage lender serving consumers and mortgage originators through its retail, wholesale and correspondent channels. We offer a wide range of residential home loan programs to meet the needs of most home buyers and homeowners and are also the nation's leading provider of Section 184 home loans for Native Americans. Learn more at https://www.midamericamortgage.com/.

In operation since 1940, Mid America has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings eNotes. Click n' Close, the Official Mortgage Provider of NASCAR(R), is Mid America's ultra-secure, digital mortgage approval and closing process that delivers an eight-minute application process, getting home buyers from application to closing within two weeks. With just a few clicks at closing, Click n' Close puts keys in the home buyer's hand in 15 minutes or less. Apply online at https://clicknclose.com.

Mid America is looking for tech-savvy, service-oriented mortgage professionals to join its growing team. We are dedicated to providing our employees with industry-leading tools and technology to deliver a great package of competitive pricing, programs and knowledgeable service. Want to join our team? Visit http://www.midamericacareer.com/.

Twitter: @midamericamtge

About Spectrum Mortgage Holdings, LLC:

Spectrum Mortgage Holdings, LLC is a Texas based mortgage investor engaged in the purchase of whole loans from mortgage originators. It also provides warehouse lines of credit on niche products such as eNotes and loans with minor eligibility, compliance or performance issues.

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Alliances and Partnerships, Business, Free News Articles

Spectrum Mortgage Holdings Partners with Mid America Mortgage to Purchase eNotes

ADDISON, Texas -- Mid America Mortgage, Inc. (Mid America) announced today that Spectrum Mortgage Holdings has signed on as an eWarehouse line provider for Mid America's eCorrespondent division. Through this partnership, Spectrum will offer lower net worth requirements (*see note 1). on warehouse lines and purchase eNotes from qualified emerging mortgage bankers approved as Mid America eCorrespondent sellers.

"eMortgages provide an avenue for brokers to become mortgage bankers without incurring the crippling overhead of a traditional, paper-based mortgage process, but lack of liquidity for eNotes has been one of the major roadblocks to more widespread eMortgage adoption," said Mid America Owner and CEO Jeff Bode. "Our partnership with Spectrum Mortgage Holdings eliminates that barrier."

Spectrum will not require Mid America eCorrespondents to possess net worth or cash liquidity requirements beyond their respective states' minimum, enabling many more aspiring mortgage bankers to participate in the emerging eMortgage market.

Additional benefits of a Spectrum eWarehouse line include:
* No personal guarantees;
* No leverage covenants; and
* No negative interest carry.

"Thanks to Spectrum Mortgage Holdings, and partners like them, Mid America eCorrespondents can clear their warehouse lines in as little as one day after funding," Bode added. "Since the resulting notes are electronic, the warehouse bank is able to receive and collateralize the note in seconds, allowing our eCorrespondents to turn over their lines faster and, essentially, do more with less."

For more information on Mid America's eCorrespondent program, visit http://mamcorrespondent.com/ecorrespondent/.

About Mid America Mortgage, Inc.:
Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service mortgage lender serving consumers and mortgage originators through its retail, wholesale and correspondent channels. In operation since 1940, Mid America has thrived by retaining its entrepreneurial spirit and leading the market in innovation, most recently with its adoption of electronic mortgage closings (eClosings) and promissory notes (eNotes). We offer a wide range of residential home loan programs to meet the needs of most home buyers and homeowners and are also the nation's leading provider of Section 184 home loans for Native Americans.

Mid America is looking for tech-savvy, service-oriented mortgage professionals to join its growing team. We are dedicated to providing our employees with industry-leading tools and technology to deliver a great package of competitive pricing, programs and knowledgeable service. Want to join our team? Visit http://www.midamericacareer.com/.

Additional information about Mid America Mortgage, Inc. can be found on the company's website at http://www.midamericamortgage.com/about/.

Twitter: @midamericamtge

*(Note 1) - Net worth requirements will vary based on individual states' minimum net worth requirements for mortgage bankers.

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This news story was published by the Neotrope® News Network - all rights reserved.