American City Mortgage Expands Lending Operations into Washington, Utah, Oregon, Nevada and Colorado.LOS ANGELES--(BUSINESS WIRE)--Sept. 17, 1998-- Sub-Prime and Low-Income Call Center Available to Western U.S. American City Mortgage Corp. (ACMC ACMC Alameda County Medical Center ACMC Association of Canadian Medical Colleges ACMC Advanced Composites Manufacturing Centre ACMC Advancing Churches in Missions Commitment ACMC Advanced Computational Modelling Centre ACMC Atlantic City Medical Center ) announced today the availability of its mortgage call center to borrowers in California, Colorado, Nevada, Oregon, Utah and Washington. ACMC is a Carson, Calif.-based mortgage lender specializing in minority, low-income, sub-prime and government-subsidized lending. Available loan products include but are not limited to VA, FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). , CHFA CHFA College of Humanities and Fine Arts CHFA Connecticut Housing Finance Authority CHFA California Housing Finance Agency CHFA Canadian Health Food Association CHFA Colorado Housing Finance Authority , CalPERS, Nehemiah Program and conventional loans. The call center has been in operation in California since April 1998 and is a direct response to borrowers' requests for a mortgage call center and rapid underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. decisions for purchases and refinancings. Further, the center is an essential element in the company's campaign to expand its operations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Kevin Friedman operates the call center with six loan officers and five processors designated to handling only call center applications. "We receive an average of 15 applications weekly with more than 75 percent of the applicants getting their funding though American City," said Friedman. ACMC's call center can process, underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. and approve all products that the company offers its applicants for both refinancings and purchases through Fannie Mae's Desktop Underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. (r) or Freddie Mac's Loan Prospector(r). Through these interfaces, ACMC receives underwriting approval including any outstanding conditions while the loan officer is still on the phone with the applicant. "The process is very simple - while we gather employment and asset information from the prospective borrower, we have a credit report pulled which automatically populates the liabilities section of the application," commented Friedman. "Once we have the basic information, the loan is underwritten. The applicant is immediately notified of what if any additional information is necessary to complete the loan package." "ACMC is able to process to the specifications set forth by our underwriters so we don't 'over-document' our loan packages or ask for superfluous su·per·flu·ous adj. Being beyond what is required or sufficient. [Middle English, from Old French superflueux, from Latin superfluus, from superfluere, to overflow : information," said Pat Theodora Sr., chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ACMC. "It's a much more efficient process." The call center can be reached directly at (800) 840-0333, or visit the company's Web site at www.americancitymortgage.com. About American City Mortgage Founded in 1983 by Pat Theodora Sr. and his son Pat Theodora Jr., American City Mortgage Corp. is a single-source, comprehensive provider of mortgage products and services with a strong emphasis on government and agency loans. The mortgage company originates, processes, purchases, places and services loans from the application through the life of the loan. American City has a staff of 185 in its 14 satellite offices throughout California and its headquarters in Carson. For more information, write American City Mortgage, 20501 S. Avalon Blvd., Carson, CA 90746; or call Pat Theodora Sr. or Pat Theodora Jr. at (800) 366-2262. The company's Web site is available at www.americancitymortgage.com. |
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