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Putting a Face on Real Estate since 1995.™

RL austin


Putting a Face on Real Estate since 1995

Cadence Bank A S S O C I AT E S I N P R O G R E S S - A d v e r t i s e r P r o f i l e b y K a t i e B r o w n


rom wholesale and retail banking to wealth management, Cadence Bank N.A. is a regional bank offering a complete line of banking solutions. While Cadence Bank’s expertise and commitment to excellent customer service extends across a variety of banking needs, one of its strengths is the Second Lien Mortgage Division, which offers purchase money, home equity and home improvement second lien loans. “We are a competitive lender seeking to provide second lien mortgage products to prospective borrowers, which are facilitated through referral partners,” says Gretchen Rossington, account manager for the Second Lien Mortgage Division for the Austin and San Antonio markets. With more than 19 years of experience in second liens in the Austin market, Rossington has kept a close pulse on the local market. She is an active member in local trade industry associations and currently serves on the board of the National Association of Professional Mortgage Women Austin (NAPMW) and Austin Mortgage Bankers Association (AMBA), and is a member of Central Texas Association of Mortgage Professionals (CTAMP). Rossington’s length of second lien experience coupled with her commitment to local economic trends has enabled her to recognize the shifts in the Austin market. “We have seen

a resurgence in the second lien market over the past few years,” she says. “As the Austin economy and real estate market continue to recover, second liens will be a driving force in helping borrowers build and use the equity in their properties.” Currently, the Second Lien Mortgage Division focuses on three areas: Purchase Money/ Refinance Second Lien, Second Lien Home Improvement Loans and Second Lien Home Equity Term Loans. A Purchase Money/Refinance Second Lien can be a beneficial tool for borrowers in a variety of ways. For example, when used as part of a purchase or refinance transaction, it can help build equity in a property faster and allows the borrower to avoid paying costly mortgage insurance by keeping the first lien at a loan-tovalue ratio of 80 percent. Cadence Bank even offers several First Time Home Buyer options, including the Early Professionals Program, which is designed specifically for dentists, attorneys, doctors, architects, CPAs, engineers and PHD-level professors needing a Purchase Money Second Lien up to $250,000. In addition, Purchase Money/Refinance Second Lien rates are still at historic lows, making them attractive to prospective borrowers. Cadence Bank’s Second Lien Home Improvement Loan program allows homeowners to allocate equity for home renovations, such as making repairs, adding a swimming pool or maintenance and upkeep projects. Additionally, the Second Lien Home Equity Loan provides homeowners with equity to pay for expenses like college tuition, a new car or vacation. The Second Lien Mortgage Division of Cadence Bank is only a snapshot of the company’s reach. Cadence Bank is a subsidiary of Cadence Bancorp, LLC, which acquires financial institutions in need of capital and experienced management. Formed in 2009, the $6.7 billion bank has more than 95 locations throughout the country, including Alabama, Florida, Mississippi, Tennessee, Georgia and Texas. Cadence Bank purchased Encore Bank, N.A. in Houston in July 2012. Cadence Bancorp LLC is headquartered in Houston, Texas, and Cadence Bank, N.A. is headquartered in Birmingham, AL. Additionally, Cadence Bank is ranked 15th among the best performing regional banks according to SNL, a leading provider of business intelligence, and has received a 5-Star (Superior) Rating by Bauer Financial, Inc. From Cadence Bank’s beginning, its commitment has always remained on customer service, which begins with its talented, experienced team members. “Most of our support staff, which is based in Houston, has been together for more than 10 years in the second lien business,” Rossington says. “We work extremely well as a team and that comes through in the service level that we provide to our mortgage brokers and banker referral partners. We understand the importance of timeliness in the real estate industry and, therefore, provide consistent and quick turn-around times for underwriting, processing and closing.”

August 2014


Gretchen Rossington, Account Manager, Second Lien Division (NMLS# 555982)

While Cadence Bank does not currently have any physical bank locations in the area, Austin’s booming real estate and economic market will only continue to demand its second lien mortgage services. Whether a borrower is seeking equity for renovations, refinancing or to purchase a new home, the Second Lien Mortgage Division of Cadence Bank provides customers with innovative solutions to their banking needs. “Looking forward, Cadence Bank will continue to develop new programs and improve our processes to keep us competitive and efficient. We are committed to being your trusted source for second liens,” Rossington says. RL

Realty Line August 2014 Issue  

Putting a face on real estate since 1995. The August 2014 issue focuses on surprising changes in the mortgage market.

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