Printer Friendly

AMERICAN RESIDENTIAL MORTGAGE CORP. NAMED A NATIONAL RTC UNDERWRITER

AMERICAN RESIDENTIAL MORTGAGE CORP. NAMED A NATIONAL RTC UNDERWRITER
 LA JOLLA, Calif., Jan. 21 /PRNewswire/ -- American Residential Mortgage Corp. has been selected by the Resolution Trust Corp. to provide national underwriting services in conjunction with the RTC's liquidation of residential real estate holdings. American Residential is one of two companies that won national contracts in the competitive bidding process, which drew 3,300 contenders.
 "We're very pleased to have been selected by the RTC for this important initiative," Jim Gilcrest, executive vice president of American Residential, said in announcing the contract. "We believe this award reflects the merits of our company and the expertise of our professionals in delivering sound mortgages to the market. However, this program's social mission -- to make affordable housing available to a wide range of consumers -- has long been of the company's stated business philosophies, so we're proud to be associated with a government effort designed to make this happen."
 Gilcrest noted that the financing guidelines developed by the RTC for the auction program have been specifically tailored to low- and middle-income households. "By lowering debt ratio requirements and easing down payment rules," he said, "the RTC is backing this liquidation effort with a social program that will bring housing to families that have been shut out of the market for a long time. In addition, it will generate an income stream for the RTC as these loans are paid back."
 Under the program. the RTC auctions one- to four-family residences to prequalified buyers whose annual incomes fall below 115 percent of the median income for their area. RTC financing is being made available to qualified purchasers. To make ownership affordable, downpayment of as little as 3-5 percent of the borrower's own funds is possible, and mortgage insurance has been waived entirely. While many RTC properties are perceived as distressed, the homes in this program will be suitable for immediate occupancy.
 "The RTC is acknowledging that an owner-occupied property may provide more value than one that is investor-owned," Gilcrest said. "The real estate provides immediate housing, and the homeowner is willing to put the work into the property necessary to bring it up to full market value."
 As national underwriter, American Residential will provide the full range of financing services: taking loan applications, coordinating the application process, prequalifying buyers, analyzing the property, coordinating the closing and preparing loan files. In addition, the company will conduct financial counseling to prospective buyers to educate them on all aspects of homeownership, including the types of leans available, the importance of timely payments, the role of insurance and taxes, the meaning of debt ratio in the qualifying process, and maintaining a good credit history.
 With 28 full-service branches throughout the nation, American Residential will have staff in place in many of the cities hosting the auctions. If necessary, the company will set up temporary offices for the duration of an auction. The company will also have available bilingual loan professionals to conduct counseling and take applications through the loan process. Throughout, American Residential is emphasizing service that is personal, friendly, and thorough.
 Auctions will take place throughout 1992 around the country, but Gilcrest noted that the highest concentration of foreclosed properties exists in Texas, Arizona, Louisiana, and Georgia.
 "This is an exciting program that links business practicality to social purpose," Gilcrest concluded. "We're proud to be a part of a project team that will make the dream of homeownership a reality for thousands of Americans."
 Headquartered in La Jolla, the company operates 28 full-service branches nationwide, originated nearly $3 billion of mortgage loans in 1991, and currently maintains a servicing and subservicing portfolio of more than $9 billion.
 -0- 1/21/92
 /CONTACT: Jim Gilcrest or American Residential Mortgage Corp., 619-535-4985/ CO: American Residential Mortgage Corp. ST: California IN: FIN SU:


EH-JL -- SD002 -- 1654 01/21/92 09:06 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 21, 1992
Words:640
Previous Article:FIRST FIBER OPTIC TOKEN RING CONVERTER BASED ON IEEE 802.5J DRAFT STANDARDS TO BE INTRODUCED BY DU PONT AT COMNET 92 (Product Announcement)
Next Article:RICHFOOD HOLDINGS ANNOUNCES RECORD THIRD QUARTER EARNINGS
Topics:


Related Articles
RMSC MORTGAGE PARTICIPATION SECURITIES 1991-18 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESOLUTION TRUST CORP. SERIES 1991-17 RATED 'AAA'/'AA' BY FITCH -- FITCH FINANCIAL WIRE --
AMERICAN RESIDENTIAL HOLDING LAUNCHES IPO OF 3 MILLION SHARES ON NASDAQ; NEW FINANCING TO RAISE $39 MILLION FOR MORTGAGE BANK
AMERICAN RESIDENTIAL MORTGAGE CORP. ADDS NEW LOAN DIVISION
AMERICAN RESIDENTIAL MORTGAGE POSTS RECORD LOAN PRODUCTION IN MAY
AMERICAN RESIDENTIAL POSTS $707 MILLION IN JULY LOAN ORIGINATIONS; PIPELINE OF LOANS IN PROCESS AT RECORD LEVELS
AMERICAN RESIDENTIAL HOLDING CORP. TO PURCHASE FOSTER MORTGAGE CO.
AMERICAN RESIDENTIAL LOAN ORIGINATIONS TOP $1.3 BILLION IN NOVEMBER; SERVICING PORTFOLIO HITS RECORD $14.4 BILLION
Fitch IBCA Sharpens Focus on Loan Servicers - Fitch IBCA -.
American Residential Mortgage, a Division of American Mortgage Express Corp., Announces Receipt of Customized Training Grant From New Jersey...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters