Mortgage Network Debuts Jumbo Renovation Loan – NMP Skip to main content

Mortgage Network Debuts Jumbo Renovation Loan

Phil Hall
Feb 20, 2018
Mortgage Network Inc. has announced that Ryan Brown has joined the company's Danvers, Mass. branch as a loan officer.

Mortgage Network Inc. has introduced a proprietary Jumbo Renovation Loan program designed to help homeowners to finance the purchase or refinance of a home plus the costs of renovating it, all in one loan.
 
According to the Danvers, Mass.-based company, the Jumbo Renovation Loan program will enable loan amounts that exceed the Fannie Mae and Federal Housing Administration county loan limits, including the limits in designated high-cost areas. Loans are available up to $800,000, but higher loan amounts will be considered. The program is limited to single-family homes located in Massachusetts, Connecticut and New Hampshire, and the home must be the borrower's primary residence while eligible improvement types must be permanently affixed to and add value to the property.
 
"The Northeast has some of the oldest housing stock in the country and also some of the most expensive homes," said Laurie Souza, National Business Development Manager for Portfolio/Renovation Lending at Mortgage Network. "We felt there was an underserved market and a need to offer home improvement financing that allowed for loan amounts exceeding the Fannie Mae and FHA limits, while also allowing for features that typically fall outside of the box of traditional construction-permanent financing programs offered by community banks."

 
Published
Feb 20, 2018
loanDepot Dumping Brokers, Exits Wholesale

As company reports second straight quarterly loss, it announces plans to exit its wholesale business by Oct. 31, 2022.

Wholesale
Aug 09, 2022
UWM's Q2 Profit Up YOY, Despite Steep Drop In Originations

Q2 net income was up 55% from last year, while originations were down nearly 50% YOY

Industry News
Aug 09, 2022
Increasing Number Of Homes On The Market Longer

Redfin reports that 61.2% were listed for at least 30 days, up from 54.4% a year earlier.

Industry News
Aug 09, 2022
Cenlar Appoints New Chairman, Co-CEOs

Dave Applegate, the new board chair, played a major role in launch of UMBS.

Wholesale
Aug 08, 2022
Zillow Introduces AI To Home Shopping

Using Zillow's AI-generated floor plan tool, U.S. Home shoppers can get a deeper sense of a home without stepping inside.

Industry News
Aug 08, 2022
Class Action Lawsuit Filed Against Equifax Over Glitch

Complaint stems from errors in credit scores made earlier this year.

Industry News
Aug 08, 2022