Mortgage giant relaxes lending standards
AmeriSave decides to align standards with Fannie Mae guidelines
AmeriSave is one of the largest retail nonbank mortgage originators in the nation. It also is known for its extremely tight underwriting standards.
Now, looking at opportunities in mortgage lending, only one of those is true, starting today. Effective immediately, Atlanta-based AmeriSave is eliminating a host of its overlays and will now fall in line with Fannie Mae guidelines.
AmeriSave said the entire decision is being fueled by client demand on the third party side.
"We are responding to the needs our clients have expressed by removing some of our more restrictive overlays that we applied to Fannie Mae guidelines in the past," said Craig Dodd, senior vice president of third-party origination sales at AmeriSave.
"Our goal is to help our clients better position themselves to compete in a purchase market while continuing to produce quality loans in the tradition we have built at Amerisave," he told HousingWire.
Other than that, the sky is the limit. Amerisave continues with its direct-to-consumer online model. As for the new, relaxed standards, the company is hiring another dozen or so retail and wholesale sales people across the nation. Internally, the company moved around and promoted several members of its sales force.
AmeriSave recently opened a correspondent division, joining the ranks of others such as New Penn, in a move that is trending across the lending space.
For those already more established in the correspondent space, business is booming. "We expect funding volumes of $1 billion for the correspondent division and the establishment of a national presence for 2014," says David Neylan, vice president of correspondent lending at Guild Mortgage, in an exclusive interview for an upcoming issue of HousingWire magazine.