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
"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 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
"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
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
"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
For more information, visit www.fhmmortgagegroup.com.