US Mortgage Continues to Assist Homeowners During Mortgage Crises
As the nation’s foreclosure crisis worsens and weighs down the larger economy, mortgage lenders are shifting gears, promising aggressive new programs to help struggling homeowners from foreclosure. US Mortgage Corp, a diversified mortgage products and services provider that offers net branch affiliate programs, added that it will continue to complement this trend to assist homeowners by offering every mortgage product available in the industry today.
According to Frank Kuri, Vice President of Net Branch Development at US Mortgage Corp, US Mortgage is dedicated to continue helping homeowners through its net branch program by offering every mortgage product available within today’s industry.
US Mortgage proactively took action long before Bank of America’s recent announcement that it will rewrite 400,000 Countrywide mortgages starting Dec. 1, 2008. JP Morgan Chase & Co. states that it will do the same within 90 days for homeowners with loans from failed thrift Washington Mutual. Chase said it will not foreclose during that time on WaMu borrowers who might be eligible for help.
“Although, we’ve already been moving forward with helping our customers well before the major lenders did,” Kuri says. “We see all this shifting in focus as good news overall for our economy.”
The joint moves by Chase and Bank of America may have a sizable impact on the capital region. Countrywide and WaMu alone wrote 13 percent of the region’s mortgages during the peak of the housing boom, according to La Jolla researcher MDA DataQuick.
Chase, which assumed the WaMu loan portfolio in September, said it will rewrite 400,000 mortgages worth $70 billion in coming months. The firm promised to lower interest rates, temporarily suspend payments and refinance some into federal programs that trim loan amounts to current home values.
“We see this news as a great opportunity to step up and offer our customers any mortgage program that will allow them to purchase a home with very little risk involved,” explains US Mortgage’s Frank Kuri. “With interest rates at a near all-time low and housing prices continuing to dip, now is a smart time to get in. Our net branch affiliates are armed with the knowledge, experience, and low risk products to help potential homebuyers achieve their goals.”
About US Mortgage
Headquartered in Pine Brook, NJ, US Mortgage is a licensed mortgage banker founded in 1996. US Mortgage’s owners and principals founded West Jersey Community Bank, a de novo corporation, prior to the incorporation of US Mortgage. Sharing the vision of a national, multi-platform, mortgage banking organization, the company subsequently broadened the business with the formation of CU National Mortgage, a national provider of transparent mortgage services for credit unions; US Capital Markets, a secondary market resource to investors and sellers; Icon Residential Capital, a national wholesale lender and BranchLink, the branch affiliate program that is bringing US Mortgage to locations throughout the United States. For more information, visit http://www.usmtg.com.
- Contact Information
- Frank Kuri
- Vice President Branch Development
- U.S. Mortgage Corp
- Contact via E-mail
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