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
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
For more information, visit www.bankunited.com.