American City Mortgage Offers Loan Approvals Through Call Center.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--May 5, 1998-- Refinancing Refinancing An extension and/or increase in amount of existing debt. is made simpler and quicker just by picking up the phone American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of City Mortgage, a Carson Carson, city (1990 pop. 83,995), Los Angeles co., S Calif., an industrial and residential suburb of Los Angeles; inc. 1968. Oil refining is the major industry; fabricated metals, paper, and other products are manufactured. The California State Univ. Dominguez Hills is there. , Calif.-based lender, recently announced the launch of its new mortgage approval call center. The center can be used by borrowers interested in refinancing their property with American City Mortgage. It was developed in response to a rising number of requests for refinances. American City's call center currently focuses on refinancings because existing mortgage holders are familiar with the mortgage application process and often feel more comfortable using a call center than first-time applicants. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Friedman, who manages the call center for American City Mortgage, the center's mortgage approval process is similar to the traditional face-to-face mortgage process. Borrowers are asked for information about the property to be refinanced, employment history and asset information. Meanwhile, a credit report is pulled that automatically populates the liabilities section of the mortgage application. The application is then sent 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) for a recommendation, which is received within five minutes. "While I'm still on the phone with borrowers, I can tell them that they've been approved for refinancing and let them know exactly what information is needed to finish processing the loan," said Friedman, who is the lead loan officer receiving calls at the center. The staff includes five loan officers and two processors. American City plans to expand the call center to eight loan officers with four processors by May 31, 1998. "Traditional processing and 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. requires more documentation than is truly necessary, such as complete tax returns or multiple pay stubs stubs The shares of equity in a firm that is financed almost completely with debt. Stubs are often created when firms go through a leveraged buyout or pay big cash dividends in order to fend off a takeover. or bank statements," said Pat Theodora Sr., chief executive officer and chairman of American City Mortgage. "By approving borrowers before we process their loan, American City can process the information according to the underwriting recommendations and requirements, which saves valuable time for all parties involved." Friedman and his staff can approve any loan product over the phone for customers with either prime or sub-prime credit ratings. "We've received applications from borrowers will all types of credit history, wanting all kinds of mortgages," he said. "Our call center is prepared to process any product that American City Mortgage offers its clients who otherwise would have to meet with loan officers face-to-face." 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 application through the life of the loan. American City has a staff of 185 at its 14 satellite offices throughout California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). 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, or visit the Web site at www.americancitymortgage.com. CONTACT: American City Mortgage Pat Theodora Sr., 800/366-2262 or for American City Mortgage Beth Quinlan, 404/264-7207 beth@williammills.com |
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