NewFED Mortgage Approved As Freddie Mac Mortgage Seller/Servicer/Lender
February 1, 2016
Danvers, MA January 29, 2015 – NewFED™ Mortgage Corporation, a multi-state residential mortgage lender, recently received approval from the Federal Home Loan Mortgage Corporation ("Freddie Mac") as a direct mortgage seller and servicer. The approval extends NewFED's lending capabilities and provides home buyers with more options which includes first-time homebuyer programs like Freddie Mac's Home Possible® program.
"We are thrilled to be able to offer Freddie Mac loans to borrowers," said NewFED President Brian D'Amico. "The Freddie Mac approval enables us to scale our lending practices and work with borrowers across a broader eligibility spectrum. We are now more versatile, and more importantly, this will enable us to retain mortgage servicing in house. We can create stronger relationships with our borrowers by building out our own mortgage servicing platform."
The Danvers, Mass-based lender filed the necessary paperwork earlier this year, including origination volume, financial reports, and quality control criteria, an application process that NewFED's Vice President of Mortgage Lending John Wight described as "somewhat challenging, but well worth it".
Greater Opportunities and More Lending Tools
"We wanted to be able to offer a wider scope of mortgage options, particularly through state housing authorities like MassHousing. Just as important was empowering us with the ability to become a direct conduit to the secondary market without any investor overlays," said Wight.
The designation as a seller/servicer also allows NewFED access to Freddie Mac tools, such as the Workout Prospector®, which allows lenders to analyze and structure foreclosure alternatives for borrowers, helping them to avoid the foreclosure process. Portfolio managers at NewFED can also use the Loan Coverage Advisor®, a platform which compiles and distributes loan representation, warranty relief dates, and other loan-level data.
About NewFed™ Mortgage Corp.
NewFed™ Mortgage Corp. was founded in 2001 as a residential mortgage lender. MA License No. MC1881, NH License No. 9474-MB, RI License No. 20041817LL, FL License No. MLD652, Maine Lender License #SLM8185. NewFED™ Mortgage is an Equal Housing Lender. Member of the MA Mortgage Bankers Association and Better Business Bureau of Eastern MA. To find out more on how NewFED's Freddie Mac approval extends its mortgage lending practices, contact NewFED (877) 639-3331 or email@example.com.
NewFED™ Mortgage - Mortgages For Every Stage Of Your Life
98 High Street
Danvers, MA 01923
MLO License Info
NMLS #1881 MA License No. MC1881, CT license # ML-1881, NH License No. 9474-MB - Licensed by the New Hampshire Banking Department, RI License No. 20041817LL, FL License No. MLD652, Maine Lender License #SLM8185, Licensed by the N.J. Department of Banking and Insurance. NewFED™ Mortgage is an Equal Housing Lender. Member of the MA Mortgage Bankers Association and Better Business Bureau of Eastern MA.