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Amstar Mortgage - News

Crednology Holding Corp Announces Further Expansion of the Company's ...
"We believe that with team leaders like Romel Carlton, Bob Klesath, and former Amstar Mortgage CEO Howard Wayland at the wheel, this group is poised to do great things," stated Troy Fields, Sr. Executive VP. "We are very pleased to have them as dealer 

AmStar Mortgage - Market Update 2-2-12.mp4

Market Update for Realtors - Job Market, Consumer Spending & Home Sales Create a Picture of What's to Come

2017 Arizona Legislative Amendments Affecting Commerical Real Estate and Lending

The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on September 12, 2017.

HB 2213 – GPLET Leases

Arizona’s GPLET statute (enacted in 1996 as an economic development tool) in general allows a city, town, county or county stadium district (called a “Government Lessor”) to acquire title to land and improvements in a redevelopment area and/or a central business district of a city or town. The land and improvements are exempt from property taxes while the Government Lessor owns them, and the Government Lessor then leases them back to the developer (called a “Prime Lessee”), which then pays a significantly reduced “Government Property Lease Excise Tax” instead of paying ad valorem real property taxes. The property would typically qualify for an eight-year tax abatement, followed by a reduced or abated tax obligation (which could extend up to a total 25 years under pre-HB 2213 law). Many of the high-rise buildings in downtown Phoenix (including the one in which my office is located) are or have been GPLET lease projects. (Tempe is the next largest user of GPLET leases.

Subprime Lender Quality Home Loans Files for Bankruptcy

The company listed between $1,000,001 and $100 million of assets, more than $100 million of liabilities, and between 1,000 and 5,000 creditors.

Subprime lenders make home loans to people with weaker credit histories. Quality Home Loans catered to customers including those with no minimum credit scores, no mortgage or credit histories, no documentation of income or assets, and in or just out of bankruptcy, according to its Web site.

Houston-based Amstar said on Wednesday its decision to quit mortgage lending resulted mainly from market conditions, the cost to operate branches and defend lawsuits, and "seemingly stable lenders unable or unwilling to honor contract commitments."

As part of the shutdown, Amstar said it plans to cease public reporting of its financial statements.

Spokesman Michael Wayland said Amstar made about $1.5 billion of mortgage loans in the year ended Sept. 30, 2006, with about two-thirds eligible for purchase and guarantee by mortgage companies Fannie Mae and Freddie Mac.

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