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Advantage Mortgage Corporation

Advantage Mortgage Consulting Award Ceremony 2005

Ginnie Mae penalizes 9 lenders for targeting veterans

WASHINGTON — The U.S. government sent notices to nine lenders this week, warning them that they would be penalized for pressuring veterans into costly home loan refinancing.

The lenders were told they will be kicked out of Ginnie Mae’s mortgage program unless they prove they can correct their actions.

The notices are part of an effort between Ginnie Mae, formally known as the Government National Mortgage Association, and the Department of Veterans Affairs to stop predatory lenders from targeting veterans who use the VA home loan guarantee program.

The occurrence of rapidly and unnecessarily refinancing loans, known as “loan churning,” creates costly fees for veterans, lengthens their debt repayment and threatens the overall VA program, said Ginnie Mae Executive Vice President Michael Bright.

“We need to take these lenders who appear to be operating in a way that doesn’t make sense and put them into this penalty box,” he said.

Ready Capital Corporation's Low Documentation, Small Balance Commercial Mortgage Loan Programs helps ...

Michigan Banks, CPA’s, Attorneys and other trusted advisors are recommending Ready Capital Corporation to their commercial/business clients. “We provide dependable solutions for commercial mortgage borrowers who need to purchase or refinance faster and without the endless amounts of paperwork. A low Documentation Commercial Mortgage can be used for acquisitions, refinancing, bridge financing, winddown, workout or to take advantage of a great business opportunity,” says Mark Backonen, President of Ready Capital Corporation.

Ready Capital Corporation’s Low Documentation, Small Balance Commercial Loan Programs have revived projects needing working capital, funded capital improvements, paid off ballooned mortgages, resolved property tax arrearages, and put real estate entrepreneurs in Michigan back in business.

“We have made land loans on properties that have been idle for decades. We have made AG loans that were deemed undoable. We fund vacant buildings and underperforming projects. Effectively, we create time and space for borrowers, when there is enough equity, and provide a Simplified Commercial Loans. We also have a no pre -payment penalty/no lockout program for borrowers who need transitional funds for short periods of times,” says Backonen.

Intereste only mortgage for Corporation?

This question is for individuals who have corporations or are familiar with them or a mortgage broker. I would like look into an interest only mortgage that i can underwrite through my corporation.

This isn't going to be a popular answer, but its a smart one. If you're talking about investment properties(buying and selling properties for income), you really need to build up money to pay for those properties with cash.