Mortgage Company of America - Home Mortgage

Mortgage Company of America
2416 21st Ave. S., Suite 202
Nashville, TN 37212
Phone: 615-385-5505
Toll Free: 800-849-7585
Fax: 615-385-4405

The services we provide and the benefits we offer can be enjoyed by any financial institution, regardless of size or type. Small banks, large banks, start-ups, credit unions, dedicated mortgage departments, banks that offer no fixed-rate mortgages, or any combination of these have benefited from our services. We are currently active in the states of Alabama, Arkansas, Missouri, Oklahoma, and Tennessee, for which we held the legislative chair for drafting predatory lending laws. Our program was originally submitted to the Tennessee Department of Financial Institutions before we ever entered our first bank.

Our Program:

The only TRUE outsource in the wholesale lending industry, some of the highlights of our program include:

* Designed from Banker Perspective - Because of our banking background, our program was designed with YOU in mind.
* No Liability - Because the loan closes in our name, we take on full RESPA and Truth-in-Lending liability.
* Submit Complete Application and Credit Report - After that, just maintain customer contact and collect necessary documentation - we do the rest!
* Disclosures and Needs Sheet within 24 Hours - If an application is approved, you will receive all applicable disclosures and a needs sheet within a twenty-four hour period. Never prepare any disclosures!
* No Binding Contract - To start doing business with us, send us an application; to quit doing business with us, stop sending us applications. The only thing to sign is an agreement in principle outlining our relationship for examination purposes.
* Use your Appraisers and Title Companies - Subject to regulatory changes, as of now we use only appraisers and title companies of your choice.
* Full-Fledged Mortgage Department - Because of the outsource quality of our program, we can serve as your mortgage department; if you already have a mortgage department, we can serve as a secondary lender.
* No Liabilities Section - Tell your borrower to leave the liability section of the 1003 blank - we will complete this section when we pull our credit report.
* Multiple Investors - We have many different investors at our disposal, and we'll choose the right one for your loan.
* Free Software! - After a tentative agreement is reached, Calyx Point will be installed on your computers and training issued to anyone deemed appropriate - at no cost to you!

Our Service:

There is no bureaucratic labyrinth through which our loans must navigate, enabling us to provide unsurpassed customer service. Some of the services we provide include:

* Accessibility and Responsiveness - This has become our mantra - human beings exist on the other side of the phone; human beings that will call you back.
* Easy-to-Understand Rate Sheet - Instead of an impossibly confusing rate sheet, we streamline our rate sheet giving you only the most pertinent information (our rate sheet can be found on the home page).
* Pre-Qualifications - We will pre-qualify borrowers at no cost for our client financial institutions.
* Understand Rural Communities - While we work in Nashville, we have all lived or are currently living in smaller communities. We understand the differences between big cities and rural communities, and work with underwriters to alleviate these differences.
* Each Application/File Receives Full Attention - We firmly believe that each borrower deserves to own a home. You won't find us throwing applications against a wall and only working on the ones that stick.
* One-On-One Relationships - Because we get to know you on a personal level, we will give you the feeling that we work in the office right next door!

Our Benefit:

The nature of our program provides benefits unrealized through traditional wholesale lenders. Some of these benefits include:

* Fee Income - While ultimately up to you, our financial institutions traditionally receive a 1% origination fee and a $350 application fee per loan. This adds up to an average profit of 52% of the fee income! Throughout the ups and downs of the industry with an in-house mortgage department, banks generally generate a profit of only 38-42% of the fee income realized.
* I'm Free! - Free of paperwork, headaches, staffing, training, fixed overhead, turnover, office space, supplies, processing/file maintenance costs - need we say more?
* Complement Community Banking Service Philosophy - Instead of most wholesale lenders that aggravate you and your customers, we serve as an extension of your bank - not as a necessary evil.