TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/105753
Local Edition S e c on da r y M a r k e t a na ly t ic s se r v ic i ng or ig i nat ion ORIGINATION Radian Touts Training Unit's Success Releasing year-end figures, the company's findings indicated that its National Training Department educated more than 14,000 mortgage professionals in 2012. Pennsylvania // Radian Guaranty, Inc., the mortgage insurance subsidiary of Philadelphia-based Radian Group, announced its National Training department trained more than 14,000 customers last year. Established in 2006, the National Training Department is responsible for helping mortgage professionals keep educated and informed. Complimentary training is offered across 30 different courses and in three formats, including in-person, webinars (taught by instructors), and selfdirected web-based training. The company's trainers have an average of 20 or more years of mortgage banking experience, including sales, underwriting, operations, and risk management. "Radian's training is unique in that it includes sales, personal development, and team-building training conducted by highcaliber individuals," said Chuck Iverson, VP of production for Sierra Pacific. "Radian has the capability of partnering with our divisional leaders on such things as communication and leadership assessments, sales skills, and working as a team." "I'm proud of what our trainers have accomplished . . . further establishing themselves as the premier training team in the mortgage insurance industry," said Brien McMahon, Radian's chief franchise officer. "Training has become an important value-added service for many of our customers, which is why it's a priority for Radian. It's Radian's goal to help our customers write more business and surpass their own lending goals, and our training team strives to do that every day." 44 | The M Report AFR Rolls Out Reverse Mortgages The East Coast-based lender is launching a full range of reverse mortgage products in its home state. New Jersey // Despite sig- nificant current challenges in the reverse mortgage market, American Financial Resources, Inc., recently rolled out a full range of related loan products. Based in Parsippany, New Jersey, AFR Mortgage will launch the new initiative in the company's home state, giving borrowers, who are over the age of 62, access to the specialty loans. Commenting on the company's reverse mortgage offerings, AFR Mortgage noted that its line of products "can be customized to best fit the client's needs." Elaborating on the company's plans to cater to senior borrowers, AFR Mortgage added, "All products are very competitively priced and their highly trained staff can help educate clients on all aspects of reverse mortgages." Diane Masucci, AFR Mortgage's senior manager of reverse mortgages, explained the company's strategy, stating, "We recognize the growing financial needs of our clients who are 62 years and older, and we are excited to introduce products to help them meet their financial needs." Other products encompassed by AFR Mortgage's lines of business include conventional home loans, VA loans, HARP refinancing, USDA rural housing loans, manufactured home loans, and 203K rehabilitation loans, among others. The national mortgage lender concluded its statements on the reverse mortgage initiative, emphasizing that the products make it possible for seniors to "remain in their homes when they might not otherwise be able to afford to do so." HSBC Hits New Low with Two-Year Fixed Rates Announcing numerous updates to the bank's mortgage loan products, HSBC rolled out historically low rates. United Kingdom // In the United Kingdom, HSBC is responding to market demand by rolling out the financial institution's lowest-ever two-year fixedrate mortgage. Announcing the new offering, HSBC revealed that borrowers can secure a 1.99 percent fixed rate with a 40 percent deposit or home equity value. Explaining the new initiative, HSBC's head of mortgages, Peter Dockar, stated, "While there remains a low expectation of bank base rate increasing in the near future, we don't know whether the new governor will bring a change of heart within the monetary policy committee." He continued: "We have seen increasing numbers of customers seeking the security of a fixed rate, and I expect this trend to continue. With the security of our retail deposit funding, HSBC is committed to offering competitive rates to benefit our customers." HSBC launched additional rate changes including a two-year fixed rate of 2.49 percent on loans with a 60 percent loan-to-value (LTV) ratio and a five-year fixed rate of 3.19 percent on loans with a 60 percent LTV, both of which mandate a fee of £599 and £499, respectively. Borrowers seeking a five-year mortgage that requires no upfront fee can do so at a fixed rate of 3.39 percent. The company went on to note that its structure for loans with a 10 percent deposit and 90 percent LTV will remain the same, with a five-year fixed rate of 4.69 percent accompanied by a £899 fee. HSBC will also continue to offer a similar product with a two-year discount at a rate of 3.84 percent and a £999 fee. Moneyfacts.co.uk's finance