TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/106030
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 Envoy Mortgage Expands Loan Products encouraging sales of distressed properties, rehabilitating neighborhoods, and expanding the buyer pool to FHA-qualified families." Extending its range of FHA loan options, the lender is offering borrowers more ways to cover costs associated with homeownership. Northstar to Enhance Mortgage Operations Texas // Currently operat- ing mortgage retail branches in nearly every U.S. state, Envoy Mortgage will now give customers access to an expanded range of Federal Housing Administration 203(k) mortgages. New lending options from the Houston-based company include full 203(k) loans, which give borrowers an "unrestricted window" to cover costs associated with renovations and repairs on a home purchase. Envoy noted, however, that this type of mortgage remains subject to FHA loan limits that vary from market to market. The new product offering incorporates costs for renovations and repairs into a single loan, and borrowers hoping to tap into the mortgage option can purchase properties under guidelines similar to those applied to FHA 203(b) loans. Elaborating on the benefits to consumers utilizing full FHA 203(k) loans, Envoy's SVP of builder products for its national builder division, Suzanne Schakett, stated, "For borrowers, it provides opportunities to take advantage of favorable prices on existing homes and to be able to customize homes to their specifications." Continuing her commentary, Schakett added, "The U.S. real estate market continues to have a high inventory of distressed properties, which include foreclosures and REOs [bank-owned homes] that are a result of the economic downturn. The full 203(k) loan is a construction-related product that essentially benefits everyone involved in real estate today." She concluded: "These loan products stimulate affordable housing and the economy by 44 | The M Report Striking an acquisition deal with Goldome, the company is set to expand providing warehouse lines of credit to the lending industry, funding mortgage loan transactions in various regions around the country. Goldome's current manager, Pamela Robinson, will continue to lead the company's operations as per the terms of the agreement with Northstar. In an official statement regarding the acquisition, Northstar stated that both companies are relationships and the establishment of new ones." Directed by Tom C. Nichols, chairman, and Tony Clark, president and CEO, Northstar has assets in excess of $1 billion. The company is the largest community bank in Denton County, Texas, and is considered one of the largest in the Dallas/Fort Worth metropolitan area. Zillow, Century 21 Renew Program Partnership Announcing the continuation of the companies' collaborative initiatives, the real estate powerhouses have extended their strategic marketing program. its lending division and treasury management product line. Texas // Northstar Bank of Texas has announced the closure of a deal that gives the company a controlling interest in Goldome Financial, Inc. Through the acquisition, Northstar, a member of Carlile Bancshares, Inc., is set to expand its treasury management product line and mortgage division. Based in Flower Mound, Texas, Goldome specializes in moving "forward with this new ownership structure on the firm belief that the additional ownership expertise and resources being brought to bear in Goldome's operating platform will provide expanded funding capability and enhanced service levels for the customers of Goldome." Concluding the company's commentary, Northstar noted, "The principals of Northstar, Carlile, and Goldome look forward to this new chapter in the evolution of Goldome and the furtherance of existing customer Washington // Zillow, the Seattle-based leading real estate information marketplace, announced a renewal of its strategic marketing program with Century 21 Real Estate LLC. As part of the program, Century 21 listings will automatically appear on the Yahoo! Zillow Real Estate Network, the largest real estate network on the web, which includes Zillow.com, Yahoo! Homes, and Zillow Mobile. In addition, Century 21 agents will continue to receive preferred marketing benefits, allowing them to take advantage of cost-effective advertising programs such as ZIP code-targeted searches and showcase ads designed to increase traffic to their profiles and individual listings. "We are very proud of our strong relationship with the Century 21 system, and I'm extremely pleased to extend our marketing partnership," said Greg Schwartz, chief revenue officer at Zillow. "This partnership affords Century 21 agents and their customers extremely efficient online marketing tools with automated listing syndication on the largest real estate network. This is a significant advantage for sellers to reach active and highly qualified