MILA Inc., the e-commerce mortgage provider also doing business as Mortgage Investment Lending Associates, has added a pay option ARM to its diverse portfolio of residential loan products. The pay option ARM joins the recently released APEX family of products, which includes full- and no-doc, no-ratio and jumbo loan programs for borrowers who fall between prime and non-prime categories.
The pay option ARM has been integrated into MILA's AccessPoint loan fulfillment and process management platform and can be selected in the system's side-by-side comparison menu in the "Choose Program" step.
Terms for MILA's pay option ARM can be found in all state-specific rate sheets. Highlights of the product include loan amounts to $1.5 million, full-doc and stated income, owner and non-owner occupied properties, FICO scores as low as 625, up to 90 percent LTV/CLTV and purchase money and refi.
MILA Inc. is a nationwide e-commerce mortgage solutions provider. For more information, call (800) 332-MILA or visit www.mila.com.