Miami Lakes, Florida (PRWEB) November 01, 2013
American Bancshares Mortgage LLC, a Florida-based mortgage lender, announced today that it has been granted approval by the Federal National Mortgage Association (Fannie Mae) to be a Fannie Mae seller-servicer, effective immediately.
Fannie Mae approval is granted after a basic application process that includes a review of a company's underwriting practices, loan origination and processing procedures, and quality assurance guidelines. American Bancshares, a privately held residential mortgage lender since 1995, began their application process this past March. The company received official approval from Fannie Mae earlier this month.
With this announcement, the company will now have the opportunity to sell loans to the FNMA, while retaining its mortgage servicing rights. This will support enhanced pricing advantages and allow the company to fully leverage its solid operational infrastructure, as well as enabling continued expansion of its existing product offerings – both geographically and via new channels. The approval also diminishes the company’s reliance on investors, eliminating investor overlays that restrict access to credit at a time of rather tight credit standards.
John Cosculluela, CMB, Chief Executive Officer at American Bancshares Mortgage, stated: “We are proud and excited to begin a strategic relationship with Fannie Mae. This has been a great year for the company as we continue to achieve our milestones. The approval from FNMA reflects on the quality of our company and the professionalism of our employees – a team which will continue to be the catalyst for development and record growth in 2014.”
The company’s 2014 expansion plans are to grow the retail branch footprint into 30 states, as well as completion of the approval process with both Freddie Mac and Ginnie Mae.
About American Bancshares Mortgage LLC
American Bancshares Mortgage LLC is a privately held, direct endorsement mortgage lender headquartered in Miami Lakes, Florida. Incorporated in 1995, the company is self-funded and accepts, processes and underwrites mortgage loan applications. The company is an approved Fannie Mae Seller/Servicer (Federal National Mortgage Association), an FHA Direct Endorsed Lender (Federal Housing Administration), VA Lender (Veterans Administration) and USDA Lender (United States Department of Agriculture. The company’s loan officers are all NMLS registered, receiving ongoing training to remain up-to-date on ever-changing State and Federal lending regulations. In addition, the staff is licensed by the Florida Department of Financial Regulation.