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Freddie Mac PMMS: No big changes in mortgage rates

National Mortgage Professional
Jul 10, 2008

FHM Mortgage Group partners with collection agencies MortgagePress.comFHM Mortgage Group, collection agencies, Business Processes Redefined LLC, Nick Mastrandrea With the sub-prime mortgage crisis squeezing homeowners across the nation, FHM Mortgage Group LLC, a full-service Mortgage Broker headquartered in Parsippany, N.J., is partnering with collection agencies to help overextended homeowners resolve their past-due debts. "Professional collectors know that most overextended homeowners want to pay off their delinquent bills, but often don't know how to go about raising the necessary funds," says FHM President Nick Mastrandrea. "This is FHM's area of expertise. We work with dozens of lenders who, even in the midst of the current credit crunch, are willing to help financially strapped homeowners secure new mortgages that can help them pay their bills, repair their credit profile and get back on their feet financially." Mastrandrea, a 20-year veteran of the mortgage lending industry, founded FHM in 2007 to help borrowers with below-average credit scores. The company is already licensed to operate in New Jersey, New York, Pennsylvania, Florida, Connecticut, Michigan, Massachusetts, Rhode Island and Delaware, and is applying for licensing in additional states. "Our goal is to be licensed nationally by the end of 2008," Mastrandrea says. Mastrandrea established FHM with the specific goal of creating a company that could serve as an ally to the collections industry, noting that they both routinely interact with the same base of borrowers. "To make that partnership a reality, we've built a state-of-the-art call center with experienced loan officers prepared to accept inbound calls from collection staff and their customers," he says. "Our staff is trained to work with the same sense of urgency shared by our collection agency partners. Like them, we want to get loans approved and closed quickly. And we understand the importance of having the collection agency listed on the mortgage settlement sheet as a creditor to be paid at closing." In addition to traditional mortgage programs, FHM Mortgage Group also offers reverse mortgages in which the homeowner can receive either a lump sum or multiple payments from the lender. "Our reverse mortgage program has no income or credit requirements, and the customer never gives up title to the home," Mastrandrea says. "We have found that many customers 62 years of age or older can access the equity in their home through a reverse mortgage and use those funds to supplement their income and pay off their outstanding bills." Lauren A. Irwin-Szostak, president of Business Processes Redefined LLC, a receivables management firm also located in Parsippany, says she has introduced FHM to numerous collection agencies. "Nick and his team really get our business," Irwin-Szostak says. "We have always found them to be extremely professional and easy to work with. They are a fantastic resource for the collections industry." For more information, visit
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