approved by the Wyoming Department of Insurance. With Wyoming’s approval, National MI is now licensed to write mortgage guaranty insurance in all 50 U.S. states and the District of Columbia. “We are pleased that National MI is able to provide mortgage insurance to lenders offering loans to borrowers in Wyoming,� said Bradley Shuster, president and chief executive officer of NMI Holdings Inc. “The approval by the Wyoming Department of Insurance marks a significant milestone for National MI as we are now able to provide mortgage insurance in every state in the U.S., as well as the District of Columbia. We believe this is especially important to our customers who do business nationwide.� By approving National MI as a licensed insurer in the state of Wyoming, National MI believes the Wyoming Department of Insurance is helping to expand the availability of mortgage financing, particularly for first-time homeowners who might not have a 20 percent downpayment, Shuster noted. Private mortgage insurance is typically required on mortgages with a loan-to-value (LTV) ratio greater than 80 percent.
LendSmart Expands Into Southwestern U.S. LendSmart Mortgage has opened a new lending center in Scottsdale, Ariz. with additional reach in California, Colorado and Texas. The new lending center is a part of LendSmart’s continued growth strategy for 2014. “As a national retail origination platform, we offer a full range of conventional and specialty products–ranging from VA, 203K rehab loans, jumbo, manufactured housing and reverse mortgages,� said Rick Roque, a leading industry consultant and vice president of corporate development at LendSmart. “Our national retail platform is expanding aggressively in the SouthWest, under the leadership of Brian Seligmiller, as vice president of sales.� A 14-year mortgage industry veteran, Seligmiller, manager of the lending center, provides leadership to more than 80 loan originators, processors, underwriters and administrative staff at the Southwest regional center. “We forecast closings for this location to exceed $25 million per month by the end of Q2 2014,� he said. “We are committed to measured growth without negatively affecting service levels
Universal American Mortgage Acquires Pinnacle Assets
Universal American Mortgage Company (UAMC) announced that it has acquired certain assets of Pinnacle Mortgage Group Inc. The STRATMOR Group served as the exclusive advisor to UAMC and initiated this transaction. Pinnacle is licensed in seven Western states and has ten established retail office locations in Southern California and Colorado. Pinnacle will join UAMC’s retail mortgage operations operating under the Pinnacle Mortgage Group brand name, while transitioning to UAMC’s retail brand name, Eagle Home Mortgage. The combined company is licensed in 26 states and has 100 branch offices. “We’re excited about the opportunity to grow our presence in California and Colorado through this acquisition which we believe is an excellent cultural fit,� said Jimmy Timmons, president of UAMC. “Both organizations have enjoyed success over the years by building strong team cultures and focusing on customer satisfaction.� As part of UAMC, Pinnacle will have access to a larger variety of conventional and niche home loan programs and will be approved directly as a seller and
Mortgage Professionals to Watch l First Guaranty Mortgage Corporation (FGMC) announced that Marla Grassgreen has joined the company as director–USDA program manager. FGMC has also announced that Ritchel Castillo has joined the company as creative director.
GRASSGREEN
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servicer with the Fannie Mae, Freddie Mac and Ginnie Mae. “We believe leveraging the vast resources of the Lennar Family of Companies will strengthen our value proposition and grow market share,� said Todd Henderson, who founded Pinnacle with Brian Rindels.
CASTILLO
to our network of Realtors, builders and other referral partners.�
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Markets may be volatile, but there’s one thing you can always count on, the total commitment of our Mor tgage Team. Loyalty, continuity of ser vice and our dedication to protecting the integrity of our relationships are just a few of the things that set us apar t. Ridgewood understands the needs of its communities
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