Skip to main content

Waterstone Mortgage Adds Wealth Building Loan to Its Offerings

NationalMortgageProfessional.com
Feb 17, 2016
Waterstone Mortgage Corporation has announced the introduction of its new Wealth Building Loan

Waterstone Mortgage Corporation has announced the introduction of its new Wealth Building Loan, based on the Mortgage Guaranty Insurance Corporation (MGIC) program. Waterstone Mortgage is making the Wealth Building Loan available nationally, with branch locations in more than 18 states.

Developed by Stephen Oliner and Edward Pinto, co-directors of the American Enterprise Institute (AEI) International Center on Housing Risk, the Wealth Building Loan is a program unlike many others.

“Steve and I developed the Wealth Building Home Loan to provide homebuyers a way to build equity faster and achieve sustainable homeownership,” said Pinto. “Waterstone Mortgage’s national rollout of its new Wealth Building Loan is a strong validation of market interest.”

Designed as an equity-creating mortgage option, the Wealth Building Loan requires no downpayment and offers eligible borrowers a 7-1 adjustable-rate mortgage (ARM) with a 20-year amortization. The Wealth Building Loan also eliminates monthly mortgage insurance (MI) payments nearly four years sooner than a 30-year conventional loan with a three percent downpayment.

“The Wealth Building Loan is an important addition to Waterstone Mortgage’s wide array of loan products,” said Waterstone Mortgage President and CEO Eric Egenhoefer. “It fulfills an essential role in our product lineup because it caters specifically to savvy homebuyers who are interested in building equity quickly. The addition of the Wealth Building Loan will also help Waterstone Mortgage achieve our overall goal of serving as many potential homebuyers as possible.”

Published
Feb 17, 2016
Evergrande Steadily Repays Debt While Taking On New Risk

Evergrande Chairman Hui Ka Yan has ambitious plans, signaling last Friday that the firm wants to move away from housing and focus on making electric cars. 

Industry News
Oct 26, 2021
Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

The Planet Home Financial Group, LLC, parent company of Planet Home Lending, LLC and Planet Management Group, LLC reported steady growth across its servicing, correspondent and private-client channels.

Industry News
Oct 26, 2021
CFPB, DOJ And OCC Hit Trustmark National Bank For 'Deliberate' Redlining

The Consumer Financial Protection Bureau and U.S. Department of Justice, in conjunction with the Office of the Comptroller of the Currency are taking action against Trustmark National Bank for alleged redlining violations.

Industry News
Oct 25, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021