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Chase adds key managers and AEs to correspondent business

National Mortgage Professional
Jul 13, 2008

BankUnited launches Mortgage Assistance Program (MAP)MortgagePress.comBankUnited, Mortgage Assistance Program, MAP, ARMs, BankUnited Financial Corporation, parent company of BankUnited FSB, has launched a comprehensive Mortgage Assistance Program (MAP) to provide relief to thousands of borrowers whose option-ARM loans are no longer optimal for their current situations. "This is one of the most sweeping, broad-based programs of its kind," said Ramiro Ortiz, BankUnited's president and chief operating officer. This program will literally provide people with a map (MAP) to find their way back into a more financially stable environment for their home mortgages." The Mortgage Assistance Program includes a variety of elements that are intended to help borrowers. BankUnited intends to refinance thousands of its option-ARM customers, with the largest percentage located in Florida, in the next six months. Benefits to borrowers include waived pre-payment penalties, minimal modification fees and a variety of loan choices, including traditional mortgage products and government agency loans. Customers can refinance with other lenders and still take advantage of the prepayment waiver. By taking action now, homeowners can lock in during a low interest rate environment. In addition, they can avoid potential higher payments when loans recast in the future. Ortiz continued, "We are reaching out to thousands of our borrowers and will use multiple outreach channels as we ramp up the program. As we expand the program to a broader audience, we expect it will be well-received by customers. "Borrowers are impacted by the dual forces of declining housing values and a struggling economy with rising prices for necessities such as food and oil. Providing assistance now is a win-win situation. We remain committed to helping borrowers stay in their homes." For more information, visit
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