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LOCAL EDITION ORIGINATION TSAHC Expands Down Payment Assistance LOW- TO MODERATE-INCOME HOMEBUYERS ARE GETTING A BOOST AS THE TSAHC ANNOUNCES BROADER TERMS. TEXAS // The Texas State Affordable Housing Corporation (TSAHC) has announced the expansion of its initiatives for low- and moderate-income homebuyers. TSAHC will now extend its down payment assistance pro- grams to current homeowners and those who have previously owned a home. Previously, TSAHC's services join first-time buyers in taking advantage of TSAHC's low fixed mortgage interest rate of 4 percent, combined with a down payment assistance grant equal to 5 percent of their loan amount. "We are excited to be able Sterling Bancorp Acquires Universal Mortgage to offer our down payment as- sistance programs to even more families," said David Long, presi- dent of TSAHC. "Current home- owners or those who previously owned a home and didn't qualify as a first-time homebuyer can now take advantage of this program to purchase a home. "This is a terrific new targeted first-time buyers, and through the organization's broad- er offerings, first-time homeown- ers will now have access to the down payment assistance option, as well as TSAHC's existing service for first-time buyers, the Mortgage Credit Certificate Program (MCC). Giving first-time homeowners an annual federal tax credit of up to $2,000 per year, the MCC program is based on mortgage interest paid annually. In opening up the organization's scope, existing and previous homeowners will 46 | THE M REPORT opportunity for eligible first- time homebuyers. They can take advantage of the down payment assistance when they purchase their first home and benefit from the annual tax credit with TSAHC's MCC program," added Long. Various qualifications exist for each of TSAHC's three home- buyer programs, which include the following: Professional Educators Home Loan Program, Homes for Texas Heroes Home Loan Program, and Home Sweet Texas Home Loan Program. For more details on any of TSAHC's offerings, interested parties can review the full requirements online at TSAHC.org. CLOSING ITS TRANSACTION WITH UNIVERSAL, STERLING IS SET TO ENHANCE ITS MORTGAGE LENDING OPERATIONS. NEW YORK // Universal Mortgage, Inc., has been ac- quired by Sterling Bancorp and its subsidiary, Sterling National Bank. Through the agreement between the New York-based companies, Universal's princi- pals and their related teams will join Sterling's mortgage lending operations. Louis J. Cappelli, Sterling Universal team and to introduce Sterling's array of products to Universal's customers, as well as other businesses and residents in Brooklyn," Cappelli added. Weighing in on the transaction, the founder of Universal, Norman Calvo, said, "We have had a great working relationship with many of the people at Sterling that goes back more than two decades, and we share a philosophy of exceptional customer service." Universal Principal Edward Bancorp's chairman and CEO stated, "We are acquiring a strong source of mortgage production that will comple- ment our existing mortgage banking business and further enhance our significant level of noninterest income. At the same time, Universal's offices give us our first physical presence in Brooklyn—expanding our mar- ket footprint into fast-growing areas that have a high demand for a range of financial services beyond mortgages. "We look forward to the opportunity to work with the Ades also contributed his commentary, noting, "Joining forces with Sterling brings the advantages of a strong capital base, portfolio of products and services, and an 80-plus-year commitment to the needs of customers in the New York City metropolitan area that will enable the Universal team to realize additional opportunities for growth." New American Funding Receives Industry Accolade THE WEST COAST LENDER'S MANAGING DIRECTOR HAS BEEN AWARDED A TOP MORTGAGE INDUSTRY HONOR. SECONDARY MARKET ANALYTICS SERVICING ORIGINATION