Allied Mortgage Group Announces the Launch of New FHA Initiative to Help Distressed Homeowners

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Company continues to diversify programs as it positions for new growth

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"Most loan servicers and hedge funds are unaware that this program exists. There are millions of homeowners that could benefit from this program"

Allied Mortgage Group, a leading mortgage banker based in Bala Cynwyd, Pa, has announced today the launch of a new initiative at the company. The new initiative is designed for borrowers who have been delinquent on their loans and owe more than their properties are worth. Qualified borrowers are able to refinance into new FHA loans which include some principal forgiveness, thus making the new loans much more affordable to homeowners.

The new initiative is headed by Bob Bodell, a mortgage industry veteran. Bob will manage the day-to-day operation of the new business channel including all mortgage originations and client management.

“Bob has deep experience in this unique underutilized FHA program. His experience in this space brings core strength to the company.” said Roy Chowdhury, President/CEO of Allied Mortgage Group. “Most loan servicers and hedge funds are unaware that this program exists. There are millions of homeowners that could benefit from this program.”

Prior to joining Allied Mortgage Group, Mr. Bodell served as Vice President of Retail Loss Mitigation at Mortgage Services III where he ran an FHA call center specializing in negative equity refinances. He managed the day to day operation of the division while maintaining relationship with major loan servicers and hedge funds all over the country.

“The senior management team at Allied Mortgage Group is very knowledgeable and will be very helpful in the origination of our special FHA programs. We will be able to work with distressed borrowers to help them stay in their homes and to greatly improve their economic situation as well as help the neighborhoods where they currently live” said Bob Bodell.

About Allied Mortgage Group: Allied Mortgage Group is a 23-year-old mortgage lender that serves consumers, mortgage brokers and financial institutions with a history of responsible lending. Founded in 1993, Allied Mortgage Group is headquartered in Bala Cynwyd, Pa is licensed in 30 states with 9 offices serving local communities. More information is available at http://www.alliedmg.com

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Bob Wexler
@GoAlliedMG
since: 12/2012
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