FTC issues final rule on consumer information and records disposal

FTC issues final rule on consumer information and records disposal

June 27, 2005

SouthStar accelerates: Company launches Choice Option ARM, initiates internal training programmortgagepress.comSouthStar University, adjustable-rate mortgage, expansion
SouthStar Funding has introduced a duo of additions with the
launch of its newest product, the Choice Option ARM, and SouthStar
University. The Choice Option ARM is designed to provide flexible
payment options for borrowers who want the lowest start rate and
the ability to manage their cash flow. The product offers the
ability to borrow up to 100 percent combined loan-to-value and to
combine this product with a home equity mortgage as part of a
combination loan. SouthStar provides 24-hour underwriting and
closes within days on the Choice Option ARM. The product was
officially made available to SouthStar Funding's customers on March
SouthStar's Choice Option ARM is based off of either the MTA or
LIBOR indexes and allows the borrower to better manage their cash
by offering four payment options each month: minimum payment,
interest only, 30-year fully amortizing and 15-year fully
amortizing. These four options provide payment flexibility for
borrowers, enabling them to choose the best option for them at that
time. The product also includes a one- or three-month introductory
rate as low as one percent.
The Choice Option ARM is available to borrowers with a credit
score as low as 620 and is available on most property types. The
product is credit score-driven and is offered for loans up to $3
SouthStar University is an internal training program aimed at
introducing new employees to the lender's service-focused culture
and providing continuous improvement for all employees nationwide.
Located at SouthStar Funding's Atlanta headquarters, the program's
8,000-sq.-ft. facility houses training for all positions, including
sales, underwriting, processing and management, as well as
lifestyle courses on topics such as health and well being.
"We are dedicated to providing uniquely superior personal
service to every customer every time," said Kirk Smith, president
of SouthStar Funding. "The best way to deliver on this promise is
to train our employees on how to deliver service the SouthStar way,
and to continually train them throughout their careers."
In keeping with its college theme, SouthStar University was
officially launched with a Southern-style tailgate party catered by
Atlanta's landmark fast food institution, The Varsity, complete
with chili dogs, SouthStar University logo t-shirts, pennants and
kegs of beer. Employees explored the facility's numerous classrooms
and break area while mingling with company executives.
"The future leaders of SouthStar Funding will come from
SouthStar University, so it is important for us to create a
company-wide awareness of our vision and purpose," said Bill
Voegeli, senior vice president of corporate development for
SouthStar Funding. "Because SouthStar University provides a
foundation of consistent and continuous training, our employees are
able to follow a career development path unlike that at any other
The SouthStar University faculty consists of four experienced
trainers with at least two more expected to join by the end of the
year. Curriculum includes an introductory course for those new to
SouthStar Funding, a comprehensive yearlong sales training program
and job-specific sessions designed for each department. Courses
will be continually modified and added based on employee feedback
and departmental needs.
For more information, visit www.southstar.com.