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.
