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MILA wins BBB award; shifts rate locks

National Mortgage Professional
Jun 01, 2006

Madison Equity launches correspondent lending divisionMortgagePress.comCorrespondent lending, warehouse, Madison Equity Corporation Madison Equity Corporation has launched a correspondent lending division dedicated to enabling smaller mortgage bankers in more than 30 states to originate attractive loans to large, underserved customer segments, including those with FICO credit scores below 500 or needing foreclosure bailout. The new division has two primary features. The first is a warehouse line of credit ranging from $1 to $10 million, which allows mortgage bankers to fund collateral-based loans in accordance with Madison Equity's underwriting guidelines. The second feature is allowing mortgage bankers the ability to sell to Madison Equity on a loan-by-loan basis, loans written on the aforementioned warehouse line of credit and any other collateral-based loans already in existence. Madison Equity Corporation is a mortgage lender based in Gibbsboro, N.J. For more information, call (800) 632-6977 or visit www.meclending.com.
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