Fannie Mae approves Total Mortgage Services for multifamily financing
Mortgage lender Total Mortgage Services said it received approval from Fannie Mae to sell and service one-to-four family first lien mortgages. The Milford, Conn.-based lender said it will retain mortgage servicing rights, expand its product offerings and sell and pool loans into mortgage backed securities through its approved relationship with Fannie Mae. "We are extremely pleased to be an approved seller-servicer with Fannie Mae after going through their rigorous approval process,” said John Walsh, president of Total Mortgage. "Total Mortgage is committed to delivering the perfect mortgage, not only to our investors, but also to borrowers and this approval will further enhance our pricing advantage, while positioning us to leverage our operational infrastructure to drive our geographic and channel expansion," Walsh said. Total Mortgage offers 30-year fixed-rate mortgages, FHA-insured loans and adjustable-rate mortgages in 24 states. The agreement with Fannie will be for multifamily housing finance. The lender has been growing its business in the past few months, announcing in August it would grow product offerings for rural borrowers through the Guaranteed Rural Housing Loan Program. During the summer, the firm said it would hire 50 retail loan officers as it attempts to grow its mortgage retail channel. Write to Kerri Panchuk.