Mortgage lending leader AmeriSave, known in the past for its draconian lending restrictions, announced this week that it will remove a number of its overlays to ensure that it is congruent with Fannie Mae’s mortgage guidelines.
Mortgage lending leader AmeriSave, known in the past for its draconian lending restrictions, announced this week that it will remove a number of its overlays to ensure that it is congruent with Fannie Mae’s mortgage guidelines. This will take effect immediately, according to the Atlanta-based originator, which added that third-party client demand had spurred it on to make this decision.
“We are responding to the needs our clients have expressed by removing some of our more restrictive overlays that we applied to Fannie Mae guidelines in the past,” said AmeriSave senior vice president of third-party origination sales Craig Dodd in an interview with HousingWire. “Our goal is to help our clients better position themselves to compete in a purchase market while continuing to produce quality loans in the tradition we have built at AmeriSave.”
The institution’s direct-to-consumer business model remains in force with the relaxed standards effective immediately. To this end, AmeriSave announced that it will hire about a dozen retail and wholesale sales representatives, and that it has promoted some existing sales executives following the move.
More interestingly, AmeriSave had recently started its own correspondent division, which adds to a growing number of competitors in the lending business. Other competitors with a correspondent division include New Penn and Guild Mortgage.
In a separate interview with Housing Wire, Guild Mortgage vice president of correspondent lending David Neylan said that the lender expects “funding volumes of $1 billion for the correspondent division and the establishment of a national presence for 2014.”