1st Alliance Lending, a mortgage banking and servicing company, is launching a new national mortgage lending platform in an effort to spur lending for “underserved borrowers who are seeking to overcome past credit challenges and purchase a home,” the company said in a release.
According to 1st Alliance, the new platform consists of two channels: a wholesale channel to meet the needs of mortgage bankers, brokers, credit unions and community banks; and a Premier Partners channel developed for Realtors, builders and financial institutions.
Both channels will offer Federal Housing Administration loans underwritten by 1st Alliance.
The program will be led by Rick Cardillo, who recently joined 1st Alliance as national director of business development.
“These are challenging times in the housing industry, particularly for borrowers who have experienced a hardship and want to purchase a home,” Cardillo said.
“1st Alliance has had great success in serving those borrowers,” Cardillo continued. “We are excited to make our platform and expertise available to the mortgage and real estate communities to help them meet the needs of underserved borrowers and serve a more diversified borrower base.”