Dynamic Ventures Corporation (DYNV) has announced that they have reached an agreement in principle with NOVA Home Loans. The parties will continue to work toward a definitive agreement. The agreement in principle outlines how NOVA Home Loans will work with DYNV's newly formed division that will focus on the real estate-owned (REO) segment. NOVA Home Loans has been providing financing solutions to homeowners and homebuyers since 1980 and is able to originate loans in 15 states.
"We feel confident that our current and ongoing expansion will establish us as an industry leader in the REO segment," said Dave Brown, vice president of business development for DYNV. "Our current and expanding relationship with an industry leader such as NOVA will allow us a ready and rapid access to mortgage financing as our REO division begins reintroducing properties to prospective buyers. We are looking forward to this new relationship and the possibilities of the REO potential."
NOVA Home Loans Production Manager Derrick Polder said, "With our in-house underwriting, approval and documentation process, NOVA Home Loans can provide quick and effective financing solutions to prospective buyers. We understand how to document and present value improvements to underwriters, how to work through FHA's '90 day seasoning' all of which helps to provide a quick turnaround on these foreclosed properties."