SAN FRANCISCO, Calif. (PRWEB) May 23, 2013
Bay Equity Home Loans, ranked among the fastest-growing privately held financial institutions in the Bay Area, has announced that it is now approved by the Government National Mortgage Association (GNMA). Known as Ginnie Mae, the agency expands affordable housing opportunities nationwide.
In addition to Ginnie Mae, Bay Equity also has the approval of the two other federal agencies operating in the secondary lending market—Fannie Mae (FNMA) and Freddie Mac (FHLMC).
“Our hard work to secure these approvals will lead to a variety of positive developments for the company,” said Bay Equity President Brett McGovern. “Above all, we are striving to build a company that is built on a solid foundation and the quality of our loans and strong relationships with the Agencies are central to that end.”
Full agency approval means increased liquidity, freedom from investor overlays and purchase turn times, and the ability to issue mortgage-backed security pools direct to Wall Street. Other Bay Equity agency-direct products include DU Refi Plus, Open Access and LP.
About Bay Equity
Bay Equity is a full-service wholesale and retail mortgage lending institution founded and headquartered in the heart of San Francisco’s Financial District. In 2011 and 2012, San Francisco Business Times named Bay Equity among its "Top 100 Fastest-Growing Private Companies" in the Bay Area. Bay Equity also has operations centers in Concord, California, Corona, California, Lake Forest, California, Fresno, California, Portland, Oregon, Tacoma, Washington and Everett, Washington and 64 retail branch offices on the West Coast. In addition, Bay Equity has wholesale account executives covering the Western States. To learn more about Bay Equity, please visit our website at http://www.bayequityllc.com.
Senior Vice President, Marketing and Communications
Bay Equity LLC