1st Metropolitan, NovaStar develop alliance mortgagepress.com1st Metropolitan, NovaStar, MetroBranch, nonconforming 1st Metropolitan Mortgage and NovaStar Home Mortgage Inc. have developed a business alliance that will allow some NovaStar branches to join 1st Metropolitan as MetroBranches by the end of the year. In addition, through a special marketing agreement, NovaStar will become a preferred lender for nonconforming mortgages for 1st Metropolitan. To help affected branches make the transition, 1st Metropolitan held a two-day event in New York from Nov. 8-9 that included educational presentations as well as opportunities for NovaStar branch managers to meet 1st Metropolitan executives and branch managers. Daniel H. Jacobs, chief executive officer of 1st Metropolitan, stated that a team of professionals at 1st Metropolitan will work with the affected branches and NovaStar to ensure that the transition goes as smoothly as possible. A significant number of NovaStar branches will have the opportunity to transition to MetroBranching by the end of the year. While these branches have been productive, they have traditionally originated mostly conforming loans. NovaStar's focus is geared toward branches, which fund nonconforming loans through the NovaStar lending channel. In addition to the marketing agreement with NovaStar, 1st Metropolitan will offer incentives to transferring branches. The branches will also be able to move their pipeline to 1st Metropolitan, therefore, avoiding an interruption in business or service to customers. For more information, visit www.novastarhome.com or www.1stmetro.com.