Greystone approved as multifamily small loan facilitator.
There are a large number of financial institutions that originate less than $50 million of multifamily loans annually.
Generally these loans are smaller balance (less than $3 million each) and a number of these financial institutions would like to offer Fannie Mae product to their borrowers.
Under it's 3MaxExpress[TM] product, Fannie Mae offers long-term financing with very competitive rates and streamlined processing for loans up to $3 million (and up to $5 million in certain MSAs). In an effort to expand it's small loan market share, Fannie Mae is leveraging Delegated Underwriting and Servicing (DUS[TM]) lender network by establishing certain lender's as approved small loan facilitators.
Greystone has specifically targeted resources to the origination, underwriting and servicing of small loans and has a proven track record of delivering small loans to Fannie Mae.
During 2004, the majority of it's small loan production was originated by financial institution correspondents. Greystone initiated an extensive effort to work with key financial institution correspondents nationwide to originate small balance loans and has demonstrated the ability to work effectively with it's Bank partners.
As a multifamily small loan facilitator, Greystone will be able to provide accessibility to institutions seeking to do business directly with Fannie Mae. Greystone will work to establish a correspondent relationship with that institution while continuing to follow the 3MaxExpress[TM] underwriting and servicing guidelines.
Greystone met Fannie Mae's criteria for the small loan facilitator as an existing Fannie Mae DUS[TM] lender who has specifically targeted resources to the origination, underwriting and servicing of small loans, and who has a proven track record of delivering small loans to Fannie Mae.
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|Title Annotation:||FINANCE; Greystone Servicing Corp.|
|Publication:||Real Estate Weekly|
|Date:||Apr 13, 2005|
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