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Commerce Mortgage has announced that it has been tapped as one of Ginnie Mae’s select group of mortgage-backed securities (MBS) issuers. As a two-decade veteran of the industry, “We are extremely pleased to have passed Ginnie Mae’s stringent eligibility requirements to be designated one of less than 400 approved single-family GM issuers across America,” Commerce CFO Mario DeTomasi said. “This is another step in the evolution of our company and it demonstrates our overall strengths as well as our strong commitment to quality.”
The program’s strict approval process is designed to assess a candidate’s organizational, procedural, financial and quality control processes. Having gotten the green light on all these aspects of its business, Commerce may now work directly with Ginnie Mae to securitize mortgages insured by the Federal Housing Administration and guaranteed by Veterans Affairs.
Ginnie Mae must grant approved lenders permission to get competitive loan pricing in the secondary mortgage markets, thus bringing down costs of financing and opening up sustainable housing opportunities.
“As a market leader, we are excited to be able to participate in the expansion of affordable housing opportunities,” DeTomasi said. “We can, now more than ever, deliver on our mission to help our clients achieve their homeownership dreams.”
Originally founded in 1994 by Simonich Corporation and Bank of Walnut Creek, the company was rebranded as Commerce Mortgage in 2013. Since its inception, Commerce has helped thousands of clients achieve their real estate dreams. Individual homebuyers as well as real estate professionals and builders have come to rely on Commerce for its in-house underwriting, document production and funding—offerings that result in rapid approval and financing. Certified Gold by the Green Business Bureau, Commerce is an environmentally-minded firm that prioritizes sustainability through paperless workflow and eco-friendly business practices.