Midwest Mortgage Capital Offers Retail Mortgage Companies Unique Business Alliance

Share Article

‘Member Offices’ Receive Broad Support While Retaining 100 Percent of Their Revenue

News Image
The complex array of new federal guidelines and requirements issued in the wake of the mortgage market meltdown has created a daunting compliance challenge for the mortgage industry.

Midwest Mortgage Capital (MMC), a large regional mortgage banker based in St Louis, MO, is inviting retail mortgage offices across the country to forge a mutually beneficial alliance by becoming “Member Offices.” According to managing partner George DeMare, MMC’s recently launched Member Office Program—which capitalizes on opportunities created by the housing market crisis—offers a variety of benefits not available under the traditional “net branch” arrangement.

Established brokerages, mortgage bankers and originator teams that sign on as Member Offices benefit from access to MMC’s sophisticated technology, experienced in-house underwriting team and in-house funding capabilities. Each “Member Office” will be assigned a credit manager team to make the internal loan process easy and efficient for them. This will allow them the freedom to focus on building their client base and get back to doing what they really loved when they first entered the mortgage industry.

Participation as a Member Office has other benefits as well, DeMare says. “The complex array of new federal guidelines and requirements issued in the wake of the mortgage market meltdown has created a daunting compliance challenge for the mortgage industry,” he explains. “By becoming a Midwest Mortgage Member Office, a retail mortgage office can transfer this burden to our expert compliance team with confidence.”

In addition, because Midwest Mortgage Capital has delegated authority to review borrower information and approve and make loans on its own, it can offer Member Offices—and their customers—faster, smoother transactions. Member Offices also benefit from the mortgage banker’s comprehensive menu of products, including some products not typically available to small mortgage retailers. And because Midwest Mortgage Capital underwrites its own loan files in-house and lends its own funds to borrowers, DeMare says that even the most challenging deals initiated by Member Offices will receive proper consideration.

“Any retail mortgage office that shares in the ethics, morals, and professionalism that has helped Midwest Mortgage Capital earn an A+ rating with the Better Business Bureau could be a potential candidate for our Member Office Program” says DeMare. “Unlike the ‘net branch’ arrangement, our new program is based more on a boutique style operation.” “We’re looking for a few select groups that are looking for a branch type experience that is second to none.”

St. Louis-based Midwest Mortgage Capital—founded in 2001 by industry veterans with the purpose of acting in customers’ best interests and delivering superb service—quickly gained Direct Endorsement approval and in-house underwriting, correspondent investor relationships and in-house funding. Over the last decade, the firm has grown to become one of the largest mortgage bankers in the Midwest, doing business in 13 states. Please visit http://www.midwestmortgagecapital.com for more information on the firm and its goal of increasing the number of home buyers and home owners it reaches through alliances with established retail mortgage offices.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

George DeMare III
Visit website