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