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Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

Wholesaler Providing Free Processing

American Financial announces new program

July 8, 2013

By Mortgage Daily staff

A wholesale mortgage lender hopes to capture a bigger share of the mortgage broker market by providing free loan processing services.

American Financial Resources Inc.'s wholesale mortgage division announced Monday a free fulfillment service available to brokers in all 50 states.

Dubbed AFR Wholesale Direct Program, the free service is expected to help brokers "focus on what they do best, originate new business," according to AFR President Corey Dubnoff.

Dubnoff noted that the service helps brokers succeed regardless of company size.

Brokers originate the application, provide disclosures and upload the file to AFR, according to the Parsippany, N.J.-based firm. At that point, AFR takes over the file and provides processing for all closing and funding requirements.

Dubnoff noted that the offering helps brokers be more competitive by "shifting a big piece of the cost" to AFR. He added that the service is available al a carte.

"By allowing brokers to choose which loans they would like AFR to process and which loans they would prefer to process, gives our customers confidence in knowing that they can originate more difficult loans such as FHA's 203k or the FHA One Time Close Construction loan and not have those loans clog up a processors' pipeline," said Dubnoff.

American Financial Resources agreed earlier this year to a $17,000 settlement with the Department of Housing and Urban Development over allegations it didn't document income or qualify a borrower, didn't resolve discrepancies before submitting loans and charged excessive or unreasonable fees.

AFR Wholesale website | AFR news

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