Waterfield Mortgage Company and Union Federal Wholesale Launch Freedom ARM Mortgage; New Option ARM Offering Includes Features That Protect Borrowers Who Choose Minimum Payment Option.FORT WAYNE Fort Wayne, city (1990 pop. 173,072), seat of Allen co., NE Ind., where the St. Joseph and St. Marys rivers join to form the Maumee River; inc. 1840. It is the second largest city in the state, a major railroad and shipping point, a wholesale and distribution hub, , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. . -- Waterfield Mortgage Company, the largest privately-held mortgage company in 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. , and its subsidiary, Union Federal Bank, have announced the recent addition of the Freedom ARM to their suite of loan products. The option adjustable-rate-mortgage product is now available to the Retail, Wholesale and Direct lending divisions. The Freedom ARM has a 360-month loan term and is tied to the Monthly Treasury Average (MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. ). The product includes a deeply discounted start rate, where the rate is fixed for the first month, then adjusts monthly thereafter. Up to four payment options are available to the borrower: minimum payment, interest only, 30-year fully amortizing and 15-year fully amortizing. These options provide payment flexibility to the borrower, enabling them to pay the amount that works for their current situation. The Freedom ARM includes a payment change cap that limits the amount the minimum payment can increase. The change cap allows only a 7.5 percent increase over the previous year's minimum payment, alleviating payment shock to borrowers who elect to make the minimum payment each month. In addition, to further limit the effects of negative amortization, every fifth year - or if the unpaid balance of the loan increases to 115 percent of the amount originally borrowed (110 percent in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) - the loan is "recast re·cast tr.v. re·cast, re·cast·ing, re·casts 1. To mold again: recast a bell. 2. " or reamortized to keep it on schedule for payoff within the original term. "We designed the Freedom ARM to provide more financing options to better fit our borrowers' needs," says Dave DePodesta, executive vice president of Wholesale and Correspondent Lending for Union Federal. "We created the change cap to alleviate Alleviate To make something easier to be endured. Mentioned in: Kinesiology, Applied the pressures and threats of option ARMs. Union Federal is committed to this product because we do believe it is the right product for the right borrower. Our sales force will only promote it with the borrower's best interests in mind." About Waterfield Mortgage Company Founded in 1928, Waterfield Mortgage Company, Inc. is the parent company of Fort Wayne, Ind.-based Waterfield Financial Corp., Union Federal Bank of Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. and Waterfield Insurance Agency and is the largest privately-held mortgage company in the country. Waterfield Financial Corp. has Retail branches throughout the United States. Union Federal Bank's Wholesale division, a subsidiary of Waterfield Mortgage Company, Inc., also provides wholesale originations nationwide. Union Federal Bank, founded in 1887 in Indianapolis, Ind., is backed by assets in excess of $3 billion with a servicing portfolio of more than $19 billion. Union Federal Bank offers table funding and closed loan purchases with products ranging from Alt-A An Alt-A mortgage is a type of U.S. mortgage that, for various reasons, is considered riskier than "prime" and less risky than "subprime," the riskiest category. Alt-A interest rates, which are determined by credit risk, therefore tend to be between that of prime and subprime home with interest only features to new construction financing with one and two time closing options. For more information about Waterfield Mortgage Company, please contact Lisa Grote at 260-435-1271 or visit the Web site at www.waterfield.com. For Union Federal Bank, please contact Dave DePodesta at 260-434-8662 or visit the Web site at www.unionfedwholesale.com. |
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