Mid America Mortgage to Offer Warehouse Lines of Credit on “Scratch and Dent” Loans – NMP Skip to main content

Mid America Mortgage to Offer Warehouse Lines of Credit on “Scratch and Dent” Loans

NationalMortgageProfessional.com
May 16, 2018
Mid America Mortgage Inc. has announced that it has added John Bargas, Donnell Mitchell and Wendy Strawn to its Servicing Department, with Bargas leading the Department as executive managing director of servicing

Mid America Mortgage Inc. Owner and Chief Executive Officer Jeff Bode has announced that the firm has expanded its relationship with Spectrum Mortgage Holdings LLC to offer warehouse lines of credit in conjunction with its Whole Loan Purchase program. This will provide sellers the flexibility to finance loans being sold to Mid America, including seasoned and “scratch and dent” loans.
 
“Managing aging loans and capital ratios on traditional warehouse lines of credit can be challenging for even the most experienced mortgage banker,” Bode said. “By adding warehouse financing to our established program for whole loans, Mid America is able to help other lenders address these challenges while providing a source of vital liquidity to the industry.”
 
To be eligible, sellers must have a loan commitment with Mid America. Spectrum will finance up to 90 percent of the current unpaid principal balance directly to a warehouse bank or the client upon receipt of the collateral.
 
“Mid America’s program will bring particular value to independent mortgage companies as they will be able to receive cash upfront while loans are undergoing due diligence,” said Michael Lima, Managing Director of Trading for Mid America. “Having partnered with Spectrum on eNote financing for our eCorrespondent Division, expanding our relationship to include warehouse lines for our Whole Loan Purchase Division was the next logical step.”


 
Published
May 16, 2018
Homeward Lays Off 20% Of Staff

Alternative real estate financing company cut about 120 jobs.

Industry News
Aug 12, 2022
Lone Peak Lending Joins Panorama Mortgage Group

Names Donovan Stamps as president.

Industry News
Aug 11, 2022
Fairway Independent Mortgage Hires Former PrimeLending President

Firm says Scott Bristol is part of aggressive originator expansion.

Career
Aug 11, 2022
Mortgage Rates Jump Back Above 5%

Freddie Mac says rates recent volatility continues.

Industry News
Aug 11, 2022
Redfin: Share Of Relocating Buyers At All-Time High In July

People are looking for less expensive and better lifestyles.

Industry News
Aug 11, 2022
Redfin Expands iBuying Business To Florida

RedfinNow, which makes cash offers for homes, now operates in 34 markets in 16 states and the District of Columbia.

Tech
Aug 11, 2022