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Home Diversification Corp., a startup fintech financial product provider created Home Diversification Mortgage, a first-of-its-kind product that will give non-conforming homeowners the benefit of a low-downpayment/no PMI mortgage, according to a press release.
Home Diversification claims that its product would save homeowners an average of $160 a month and will also provide "equity protection made available through the use of the Company's proprietary home diversification model," according to the release. The company is already in advanced talks with a number of mortgage lenders, banks and investment companies in regards to partnering on the new product.
"Our new mortgage addresses the all-important issue of affordability, enabling tens of millions of homeowners to save an average of $160 monthly and providing the potential for reduced interest rates," said Marc Biron, Home Diversification Corp founder and CEO. "This should prove especially beneficial to groups that have been unfairly neglected in the past, such as minorities and low-income families. This product also provides the myriad benefits of diversification, allowing homeowners to make that purchase with peace of mind."
Home Diversification Mortgage works as a financial contract that can be purchased during the mortgage origination or anytime after by existing homeowners, according to the release. The company stated that the product provides a new form of credit enhancement and eliminates risk to lenders and the GSEs.