Mortgage Bankers Holding Corp. Announces its Mortgage Division Has been Approved As a Fannie Mae Lender to Sell First Mortgages
CARNEGIE, Pa., Dec. 18 /PRNewswire/ -- Mortgage Bankers Holding Corp. (OTC Bulletin Board: MBHC) announced today that its mortgage division, Mortgage Bankers Service Corporation, Inc. (MBSC) has been approved as a Fannie Mae lender to sell first mortgages. With this approval, MBSC may participate immediately in Fannie Mae's mortgage programs on a nationwide basis through all of Fannie Mae's regional offices.
Since its creation by Congress in 1938 and its evolution into a shareholder owned company in 1968, the Federal National Mortgage Association's (Fannie Mae's) mission has been to provide financial products and services that increase the availability and the affordability of housing for low, moderate and middle-income Americans.
Fannie Mae approval is a standard requirement and/or compensating factor for State licensing, investor correspondent approvals and warehouse lending on a nationwide basis. As such, Fannie Mae approval speaks to the stability of MBSC in the Secondary Market. Mortgage Bankers Service Corporation's President, James F. Carr, stated, "the appointment of MBSC as a Fannie Mae lender provides MBSC with a Secondary Market conduit to purchase whole loans and improve pricing through production as well as opens opportunities for MBSC to became a correspondent lender with other Secondary Investors. Additionally, Fannie Mae approval will allow MBSC to have greater liquidity for additional lending, enabling MBSC to increase earning potential as well as to better serve the community's housing needs."
MBSC will further benefit as a direct result of its relationship with Fannie Mae by having greater product variety, pricing flexibility, state of the art technology, extensive training opportunities, and exposure to industry professionals dedicated to the highest level of service.
Mortgage Bankers, Holding Corp. is a diversified technology-based financial services company which, through its subsidiaries, utilizes data transfer and exchange to offer a full spectrum of financial and asset management services and products.
SOURCE Mortgage Bankers Holding Corp. |
