-- Sub-prime market expert Ed Plata joins BrooksAmerica to lead
specialty division
-- BrooksAmerica's specialty lending division anticipates $250
million in loans for the remainder of 2005 and more than $500
million in 2006
SANTA ANA, Calif., June 29, 2005 (PRIMEZONE) -- Bringing its unprecedented service and innovative loan products to a broader audience, BrooksAmerica Mortgage Corporation is rolling out its specialty lending division offering "ALT B" mortgages to its national brokerage network. The company, which has focused on prime mortgages for the past 20 years, is now prepared to double its loan volume over the next 18 months by targeting the high-demand non-prime market.
"We have developed an efficient service model combined with unique loan products that will provide competitive programs to our brokers throughout the nation," said Michael Brooks, founder and CEO, BrooksAmerica Mortgage Corporation. "The specialty division continues our daily quest to deliver quick and easy results for brokers so they can make the most of their time and close as many loans as possible."
BrooksAmerica anticipates processing $250 million in specialty division loan volume for the remainder of 2005 and more than $500 million in 2006. Its annual "ALT A" loan volume currently exceeds $1 billion. Specialty lending products now available from BrooksAmerica include:
-- 2/28 and 3/27 adjustable rate mortgage (ARM) or 30-year Fixed
Program with loan amounts up to $1 million and credit scores as
low as 500.
-- 80/20 combination is allowed with loan amounts to $750,000 with
credit scores as low as 580 with full documentation and 620 with
stated income.
-- 100% loan to value (LTV) with a maximum of one loan is available
with loan amounts up to $750,000, with credit scores as low as
580 with full documentation and 620 with stated income.
-- Interest Only is available with credit scores as low as 580 full
documentation and 600 stated income with loan to values (LTVs) up
to 95% on full documentation.
The specialty lending division, now headed by industry veteran Ed Plata, has dedicated account teams to provide the same personal service, loan process efficiency, and "smart & sensible underwriting" that its broker network has become accustomed to. In addition, BrooksAmerica's state-of-the-art website allows registered brokers to submit loan files electronically; look up the status of each loan in their pipeline, including the exact status of every condition; finalize and request documents to be delivered, including instant copies via email.
"Once I started using BrooksAmerica's online system, I was able to increase my production because I no longer had to waste my time with unnecessary phone calls to track down the status of my loans," said Darlene Reynolds, Operations Manager, Shea Mortgage.
About Ed Plata
Backed by 10 years of experience in the mortgage industry, Ed Plata joined BrooksAmerica in 2005 to spearhead the company's specialty lending division. Under his leadership, the division aims to bring signature loan programs to the sub-prime market. An industry veteran, Ed has executive management experience overseeing top-producing loan officers and teams. He has a history of developing innovative policies, procedures, and underwriting guidelines as well as a successful track record for growing divisions through smart marketing strategies.
Over the past decade, Ed has worked for Argent Mortgage Company, Ameriquest Mortgage Company, and Norwest Financial. Most recently, he was an Assistant Vice President of production for Countrywide Home Loans.
Ed earned a Bachelor of Science in Business Administration from the University of California, Riverside. He is also a member of the Mortgage Bankers Association of America (MBA).
About BrooksAmerica
BrooksAmerica is a leading wholesale mortgage banker offering a full range of innovative loan programs delivered with personalized service to its national broker network. The company strives each day to make the loan process faster and easier so brokers can close more loans. BrooksAmerica offers aggressive pricing, "smart & sensible underwriting," and a robust online tracking platform providing competitive advantages that allow brokers to serve a wider array of home buyers.
Licensed in nearly every state, BrooksAmerica prides itself on "working with the best to be the best." For more information about BrooksAmerica visit www.BrooksAmerica.com.